Sunday December 04, 2022

NYC Mayor takes a pay cut due to cryptocurrency market plunges

Eric Adams, the NYC Mayor, received his first cryptocurrency paycheck. Photo by Alex Wong / Getty Images

Eric Adams, New York City Mayor, is not backing down from his plans to receive his first three paychecks in Bitcoin or Ethereum, even in the midst a crypto slump. Bitcoin fell below $36,000 on Friday, a 47 percent drop from its November peak. This brought the total cryptocurrency market cap to $2 trillion.
Adams’ first check could be lost if the crypto market continues to trend down.
Yesterday, Adams received his first paycheck. It was converted to Bitcoins and Ethereum by cryptocurrency exchange Coinbase. According to the New York Post the NYC mayor receives biweekly checks of $5,900. This amounts to a salary of $258,750 per year. Adams did not reveal the amount of his $5900 check that Adams split between…

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