The New York City mayor Eric Adams has confirmed that he will be converting his paycheck into Bitcoin and Ethereum. The Mayor affirmed that the conversion would be done through Coinbase Global Inc.- the largest crypto exchange firm in the U.S. The firm will handle the conversion through its direct deposits functionality, which allows users to automatically transfer a part or whole amount into their crypto wallet.

The Mayor added that his first three paychecks would be in Bitcoin, as he welcomed the idea of NYC token, which is almost similar to Miami’s saying that its development will make New York more friendly to crypto.

Will Crypto Payroll Become part of the Mayor’s Office 

It is unclear how long the Mayor plans to hold the cryptocurrencies, but his paycheck amounting to $9,924.66 is already deposited into the Coinbase crypto wallet. The crypto firm is also planning to offer debit cards for withdrawals and direct deposits.

Diogo Monica, president, and co-founder of Anchorage Digital, expresses joy to see the New York Mayor accepting crypto into the city. Diogo adds that this signals that the world financial capital will open up for crypto innovation soon.

The city is also limited to paying its employees directly in cryptocurrency. The individuals have to do that by themselves. Adams has still expressed his intentions to build a crypto center in New York in the coming future. 

Can Eric Adams Crypto Ambitions Become a Reality?

The Mayor’s acceptance of crypto and his promise to make the city a center of industry is generating a lot of excitement both in the city and globally. According to Adams, New York is the center of the world, and it is also fit to be a crypto and other financial innovations center.

According to him, the innovations will allow NYC to create more jobs, improve its economy and continue to be an attraction for talents from all over the world.

Since his victory that saw him clinch the mayor seat, Adam has been marketing New York as a crypto-friendly hub. This has seen him get support from crypto heavyweights like galaxy Digital. Adams has also received suggestions from Mayor Francis of Miami to begin cryptocurrency schools to teach crypto and its technology.

Will New Yorkers Get Paid in Crypto?

Adams is also pledging to look for more ways to allow New York residents to get paid in cryptocurrencies. According to many analysts,  Adams can go ahead and cheerlead for crypto in NYC, which is probably great for crypto. However, the actual implementation of this idea is not simple and so far, nothing concrete has actually been done.

The Mayor’s support for crypto goes as far as to himself. This is because of the crypto limitations that have been put in place in NYC. The business fraternity is subject to the strictest regulations in the U.S. and controlled by the state.

According to Evans Thies, the Mayor’s spokesperson, Adams will announce his policies and initiatives close to the start of his administration. Currently, New York has the largest share in crypto-related jobs, but the industry is still a sleeping giant awaiting where to settle.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.