Even within the midst of a crypto hunch, 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 % dive from its all-time excessive in November — dragging all the cryptocurrency market cap beneath $2 trillion.
Adams formally obtained his first paycheck yesterday, which was transformed to Bitcoin and Ethereum by way of cryptocurrency change Coinbase. In accordance with the New York Publish, the NYC mayor receives biweekly paychecks of about $5,900, amounting to a wage of $258,750 a yr. Adams didn’t reveal how a lot of his $5,900 verify is break up between Bitcoin and Ethereum, but when the crypto market continues to development downwards, the funds from Adams’ first verify might rapidly evaporate.
Mayor Adams introduced he would take his first three paychecks in Bitcoin final November (which, in fact, was simply earlier than Bitcoin reached a report $69,000). The transfer got here out of a Twitter exchange between Adams and Miami Mayor Francis Suarez, who mentioned he would obtain his subsequent paycheck in Bitcoin. Adams needed to take issues a bit additional, although, electing to get not one, however three paychecks in digital foreign money, as a part of his bid to show NYC into “the middle of cryptocurrency.”
Mayor Adams is however certainly one of quite a few high-profile figures to take their paychecks in cryptocurrency. NFL gamers together with Aaron Rodgers, Tom Brady, and Odell Beckham Jr. have additionally chosen to transform a portion, if not their whole salaries into cryptocurrency. The present crypto hunch is probably going wringing out their digital wallets much more so than Adams’, nevertheless, as all three gamers converted their salaries when Bitcoin was at its highest final fall.
Supply: The Verge
