TL;DR Breakdown
- Eric Adams set to receive his first paycheck in BTC, ETH.
- His paycheck in crypto comes after he promised to receive crypto payment during campaign.
The City of New York confirmed the payment decision Eric Adams, the recently sworn-in Democrat mayor whose payment would be converted to cryptocurrency. He’d receive his payment in not only Bitcoin, which he announced, but some would also be paid in Ethereum.
Although the US Department of Labor regulations prohibits the city from paying its employees directly in cryptocurrencies, it is legal to use a digital asset exchange to convert US dollars into crypto before the funds are made available. Hence, Coinbase would convert his paycheck to crypto on Friday as promised.
Eric Adams would be receiving his paychecks in cryptocurrency after he told Bitcoin Podcaster Anthony Pompliano in November that he would accept one of his paychecks in Bitcoin. In an attempt to one-up him, Mayor Adams promised that he would accept his first three paychecks in Bitcoin upon assuming office.
Eric Adams and cryptocurrency
While campaigning in 2021, cryptocurrency played a huge part in mobilization and financing his train. Some of his campaign promises were also centered around Bitcoin.
“We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins,” he said while running for the seat.
Two other candidates—Republican Curtis Silwa and Adams’ fellow party member Andrew Yang—made similar pledges concerning digital currencies.
It was part of his pledge also during the campaign that he would take his first three paychecks in Bitcoin.
Why is new mayor taking ETH payment?
Despite not making the promise, Adams would also receive some of his paycheck in Ethereum. It can simply be explained as showing broader interest in crypto than just Bitcoin. In November, he called for children to learn about blockchain and “the underlying technology of cryptocurrencies” in school.
