When it was announced late last year that Eric Adams would take over as the mayor of New York City, he shocked everyone when he stated that he would be accepting his first three paychecks in bitcoin. Nobody expected him to be a crypto fan, and a lot less expected him to follow through on his plans.
Eric Adams Moves Forward with BTC Agenda
Now, several weeks later, Adams has shown his doubters that he wasn’t joking, as he’s working with popular San Francisco-based crypto exchange Coinbase to convert his first three paychecks into BTC, just like he said he would. In a separate announcement, Adams said his first paycheck arrived last Friday and the transaction of converting the money into both bitcoin and ETH occurred through Coinbase.
Adams has stated that he would like the state of New York to become the ultimate crypto hub, and it looks like Adams is trying to set an example. In an interview, he commented:
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.
The move is designed to compete directly with Francis Suarez, the mayor of Miami, Florida. Suarez also stated late last year that he was looking to accept the salary for his mayoral duties in bitcoin. Adams has commented that Miami has had its day in the crypto sun, and that it is now New York’s time to shine. Both cities are still competing heavily given that each one has gotten its own digital currency. Miami is now backed by Miami Coin, while New York City is supported by what’s known as NYC Coin.
When first announcing his plans to accept a bitcoin salary, Adams issued the following tweet:
In New York we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
Adams is clearly a crypto fan… So much so that he is now advocating for the subject to be taught in public schools throughout the city given that he feels digital currency is the payment system of the future and he wants children to be prepared for it.
You Can Move Your Money Afterwards…
Employees of New York City are prohibited by the U.S. Department of Labor from accepting crypto-based salaries. However, if they choose to convert the money after, there is nothing the department can do to get in the way.
Not long ago, Eric Adams was discovered to have flown on the private jet of Brock Pierce, a former child star turned bitcoin advocate.
