New York Mayor Adams to receive first paycheck in cryptocurrency
(Reuters) – New York City Mayor Eric Adams on Thursday said his first paycheck, to arrive on Friday, will be automatically converted into cryptocurrency via Coinbase Global Inc.
The salary will be converted to ethereum and bitcoin, the statement added.
The mayor last year said he would take his first three paychecks in bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry”.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement.
Coinbase Global operates an exchange that enables people to buy and sell cryptocurrencies.
Despite their rising popularity among retail and professional investors, cryptocurrencies, including bitcoin and ethereum, have struggled to go mainstream due in part to their frequent fluctuations in value.