Mayor Eric Adams announced Thursday that he will be converting the income from his new job to cryptocurrencies, after he last year pledged to take his first three paychecks at City Hall in Bitcoin.

Adams will convert his first paycheck, which he will receive Friday, to cryptocurrencies Ethereum and Bitcoin, the mayor said.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” he said in a prepared statement. “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”

Federal Department of Labor regulations prohibit municipal governments from paying workers directly in cryptocurrencies, so before Adams receives it into his bank account, the paycheck will “automatically” be converted into cryptocurrency via Coinbase, a crypto exchange app, according to the news release.

New York City Mayor Eric Adams
Mayor Eric Adams announced that he will be converting his first paycheck to cryptocurrencies.
Christopher Sadowski

The announcement comes after in November Adams declared in a tweet, “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor.”

The vow was issued days after Miami Mayor Francis Suarez announced that he would take his next paycheck in the digital currency, and shortly after Adams cruised to victory in November’s general election.

Adams has in recent months vowed to make the Big Apple a crypto-friendly city.

Ethereum cryptocurrency physical coin laying on top of two bitcoin.
Eric Adams will convert his check to Ethereum and Bitcoin.
Getty Images

In November, Adams said he believes cryptocurrencies and blockchain technologies should be taught in schools. Bitcoin, Adams explained on CNN, is a “new way of paying for goods and services throughout the entire globe.”

“And that’s what we must do: open our schools to teach the technology and teach this new way of thinking,” he added on Nov. 7.

Also in November, the then-mayor-elect flew to Puerto Rico for the annual SOMOS conference on the island on bitcoin billionaire Brock Pierce’s private Gulfstream jet.

Source: New York Post

You May Also Like

Chicago property tax innovation summit: World politicians to visit to see how Cook County manages taxes

CHICAGO (WLS) — Politicians from more than a dozen countries will be…

S&P 500 enters bear market territory — a 20 percent decline from a recent peak — for the first time since 2020

It’s been a tough year for stocks — and it’s only getting…

The Jan. 6 committee’s response to DOJ asking for witness transcripts is a big blunder

The Justice Department sent a letter to the House committee investigating the…

Perth diver’s terrifying encounter with bull shark who ‘rammed’ him

A young diver came face to face with a three-metre-bull shark that…

The Left Is Drowning In a Red Wave

What does it look like when a commie Twitter exec runs away?…

S&P 500 Index Drops Tesla From List of Woke Companies

In today’s episode of “The Hypocrisy of the Left Know’s No Bounds”……

Confederate monument removed from Brunswick park

BRUNSWICK, Ga. – A Confederate statue has been removed from a Glynn…

A firsthand look at how the Coast Guard trains for vital rescues

May 21-27 is National Safe Boating Week, and if there is any…