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NYC Mayor takes pay minimize as cryptocurrency market plunges

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Even within the midst of a crypto slump, New York Metropolis Mayor Eric Adams isn’t backing out of his plans to take his first three paychecks in Bitcoin and Ethereum. Bitcoin fell beneath $36,000 on Friday — a 47 percent dive from its all-time excessive in November — dragging the entire cryptocurrency market cap below $2 trillion.

Adams formally acquired his first paycheck yesterday, which was converted to Bitcoin and Ethereum via cryptocurrency trade Coinbase. In response to the New York Post, the NYC mayor receives biweekly paychecks of about $5,900, amounting to a wage of $258,750 a 12 months. Adams didn’t reveal how a lot of his $5,900 test is break up between Bitcoin and Ethereum, but when the crypto market continues to development downwards, the funds from Adams’ first test could shortly evaporate.

Mayor Adams announced he would take his first three paychecks in Bitcoin final November (which, in fact, was simply earlier than Bitcoin reached a record $69,000). The transfer got here out of a Twitter exchange between Adams and Miami Mayor Francis Suarez, who stated he would obtain his subsequent paycheck in Bitcoin. Adams wished to take issues a bit additional, although, electing to get not one, however three paychecks in digital forex, as a part of his bid to turn NYC into “the center of cryptocurrency.”

Mayor Adams is however one in all a lot of high-profile figures to take their paychecks in cryptocurrency. NFL players including Aaron Rodgers, Tom Brady, and Odell Beckham Jr. have additionally chosen to transform a portion, if not their complete salaries into cryptocurrency. The present crypto droop is probably going wringing out their digital wallets much more so than Adams’, nonetheless, as all three gamers converted their salaries when Bitcoin was at its highest final fall.

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