Eric Adams has just received his first check in Bitcoin and Ethereum via Coinbase. “Promise made, promise kept,” the mayor said, referring to his promise to take his first three paychecks in cryptocurrency.
Coinbase helps Mayor of New York City get a paycheck for cryptocurrency
Eric Adams, New York City’s Mayor has fulfilled his pledge to get paid in Bitcoin. The mayor posted a Twitter video on Thursday that stated:
Promise made, promise kept. I received my first bitcoin and ethereum check.
“This is a reason to highlight. New York should be a center of innovation and the birthplace for new ideas. I want my young people to thrive in every industry,” the mayor emphasized.
The official website of the city of New York also announced Thursday that Mayor Adams will “receive [his] first paycheck in cryptocurrency.”
The mayor’s first paycheck “will automatically be converted into cryptocurrency via Coinbase … before funds are made available,” the announcement details, adding that “The salary will be converted to ethereum and bitcoin.”
Mayor Adams stated in November 2017 that the first three of his paychecks would come in bitcoin. But, this was clarified by the city:
New York City is prohibited from paying employees in cryptocurrency because of U.S. Department of Labor regulations. Anybody who has been paid in U.S. dollar can use a cryptocurrency exchange to convert the funds into cryptocurrency prior to funds being deposited into an account.
Mayor Adams commented Thursday: “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations … Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
In November, he also stated that schools should teach cryptocurrency. He noted that it is an innovative way of paying for goods and services.
Earlier this month, when the price of BTC fell to the $41K level, the mayor said, “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”
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