The newly-appointed New York City Mayor Eric Adams has stood by his word to take his first paycheck in cryptocurrency.
The office of NYC Mayor Eric Adams confirmed that he will be taking his first paycheck in Bitcoin and Ethereum on Friday following a conversion on the Coinbase exchange.
Adams stated that he would take his first three paychecks in crypto back in November when markets were at their peak. Today, the total market capitalization has declined 36.4% from that November all-time high, yet the pro-Bitcoin Mayor remains unfazed.
Adams confirmed his confidence in crypto in a statement in which he said: “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” before adding:
“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.”
Embracing fintech and crypto
The move has been seen as a political push to embrace fintech and crypto and cement the city’s position as a global leader in the industry.
Back in November, a challenge was made by Anthony Pompliano, who at the time tweeted, “It is time. Who is going to be the first American politician to accept their salary in bitcoin?”
Miami’s pro-Bitcoin Mayor Francis Suarez was the first to respond saying that he would take his next paycheck in BTC. Not to be outdone, Adams said he would take his first three, the first of which landing today.
New York City chief financial officer Matt Fraser commented that technology is the primary equalizer in closing the digital divide, before adding:
“This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances.”
‘A powerful message’
New York State Senator Diane Savino, who chairs the Senate Committee on Internet and Technology, suggested that accepting crypto sends a powerful message to his constituents;
“Seeing the mayor of New York willing to take his own money and convert it sends a powerful message,”
Earlier this month, BeInCrypto reported that Mayor Adams was actively courting crypto companies in an effort to attract more fintech innovations to the Big Apple.
No bullish news has prevented today’s massive crypto market dump, however, which has sent markets plummeting to their lowest levels since September 2021.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.