Eric Adams, New York’s new mayor, has renewed his pledge to accept his first paycheck in bitcoin. Adams made the statement throughout his campaign as part of his aim to create New York City, the nation’s crypto capital. The mayor had stated that he would accept his first three salaries in bitcoin following his election in 2020. When he begins his tenure as mayor of one of the world’s most populous cities, he begins by honoring his promise to his supporters.
Accepting Bitcoin Payments
When Adams was elected three months ago, he stunned the industry by offering to accept his first three paychecks in bitcoin. In response to Miami Mayor Francis Suarez, this was recognized for making the city into a crypto hub, declaring that he would be the first American official to receive their first paycheck in cryptocurrency. Adams outdid Suarez by announcing that he would accept three paychecks in bitcoin.
“In New York, we always go big, so when I become mayor, I’m going to take my first THREE paychecks in Bitcoin,” Adams stated. “New York City will be the epicenter of the Bitcoin sector, as well as other rapidly rising, innovative industries!” Just sit tight!”
The mayor has announced his strategy for collecting his wages in bitcoin. Because the United States government does not pay its employees in cryptocurrency, Adams will be compensated in cash. On the other hand, the mayor intends to quickly convert his paycheck into bitcoin and ethereum before it is transferred into his account. The addition of ETH is new and was only recently revealed when the mayor detailed his aspirations for accepting cryptocurrency as payment.
Making New York the Crypto Capital
Mayor Eric Adams has never been hesitant in stating his ambitions for the city in terms of cryptocurrency. Taking his first three bitcoin and ether paychecks is merely the beginning of what he has planned. Adams elaborates on his vision for the city’s role in crypto innovation in a statement released to the official website of New York City.
“New York is the global hub, and we want it to be the global center of cryptocurrencies and other financial breakthroughs.” Being at the vanguard of such innovation will help us create employment, boost our economy, and remain a magnet for people from around the world,” the mayor stated.
Matt Fraser, NYC’s Chief Technology Officer, also weighed in on the mayor’s actions. He stated that technology, as the great equalizer, would assist in overcoming the digital and financial divides. “The mayor’s action is a leading example of how we can empower individuals through technology with a more broad range of options for managing their finances,” he added.
Mayor Adams has already stated his wish for crypto to be openly accessible to city citizens. Last year, the mayor stated that he believed schools should begin educating about the technology underlying the crypto sector so that young minds might learn about it.