New York Mayor Eric Adams to Convert his Paycheck into Bitcoin and Ether
Mayor Eric Adams of New York City stated Thursday that he would convert his first payment from US dollars to a pair of cryptocurrency. Without a legal framework allowing the City of New York to make payments in crypto currencies, Adams will use his salary to purchase a combination of Bitcoin and Ether, according to a news statement from his office.
“New York is the global capital, and we want it to be the global capital of cryptocurrencies and other financial breakthroughs,” Adams said in the announcement. “Being at the forefront of such innovation will help us generate employment, strengthen our economy, and maintain our status as a global magnet for talent.”
Shortly after Adams’ statement, the CEO of the Apex Crypto platform announced intentions to treble the company’s New York City staff and lauded the mayor for his embrace of cryptocurrencies.
“Mayor Eric Adams’ vow to convert his first salary to bitcoin is the clearest indication yet that New York is well-positioned to embrace the crypto and decentralized finance revolutions,” CEO Daniel Rosenthal said in a statement.
“Apex and its parent company presently have roughly 50 people in New York City, and due in part to Mayor Adams’ efforts today, we are on track to increase that number over the next two years as we build our crypto business.”
The mayor’s press office did not immediately react to Insider’s request for comment and inquiries about Adams’ compensation and the precise division of Bitcoin and Ether. In 2021, former Mayor Bill de Blasio earned a salary of $258,541.
Both Bitcoin and Ether — the cryptocurrency based on the Ethereum network — have seen recent price declines, providing Adams with a potential to profit if they rebound to or surpass earlier levels.
On the afternoon of Adams’ revelation, the price of one Bitcoin was $42,559, while the price of Ether was $3,182.