New York City Mayor Eric Adams announced Thursday that his first paycheck, due to arrive Friday, will be converted into cryptocurrency from US dollars. This is in keeping with a plan Adams had previously announced before he took office. Coinbase, the US’s largest cryptocurrency exchange, will process the transaction. It will convert Adams pay into Bitcoin or Ethereum. Adams stated that New York is the “center of the world” and that it wants to be the center for cryptocurrency and other financial innovations. “Being at the forefront of such innovation will help create jobs, improve the economy, and continue being a magnet for talent across the globe.”
Adams tweeted on November 4th, that he would take three of his first three paychecks in Bitcoin if he was elected mayor. “In New York, we always go large,” he said. This idea was part of a back and forth with Miami Mayor Francis Suarez who stated in November that he would take his next paycheck in Bitcoin.
New Yorkers always go big. I’m taking my first THREE Bitcoin paychecks when I become mayor. NYC will be the heart of the cryptocurrency industry, and other innovative, fast-growing industries. Wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
The US Department of Labor prohibits New York City employees from receiving cryptocurrency payments. Coinbase has therefore been converted after payment. Suarez is said to have converted his city salary into Bitcoin via fintech exchange Strike. The two join an increasing number of professional athletes, including Aaron Rodgers and Tom Brady, who convert their salaries to cryptocurrency.
Both Suarez as well as Adams are working to make their respective cities DeFi Hubs. Suarez supports crypto investments in South Florida and launched a token called MiamiCoin last January.