NYC Mayor Eric Adams receives bitcoin for his first paycheck

New York City’s Mayor Eric Adams will receive his first paycheck on Friday in the form of bitcoin and Ethereum, his office announced on Thursday.

"New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations," Adams said in a 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."

In November, Adams accepted a challenge on Twitter posted by writer Anthony Pompliano. “It is time. Who is going to be the first American politician to accept their salary in bitcoin?" asked Pompliano.

Miami Mayor Francis Suarez was the first politician to take up the challenge, agreeing to make his next paycheck only in bitcoin. Adams responded to the challenge by vowing that he would take his first three paychecks in bitcoin once he became mayor of the Big Apple.      

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021

While the U.S. Department of Labor prohibits their employees from being directly paid in cryptocurrency, Adams' office announced that anyone paid in U.S. dollars could have the funds converted before being deposited in their account. The transaction will take place on Coinbase, the largest cryptocurrency exchange in the U.S.

New York mayors earn $258,750 a year, meaning that Adams will convert around $5,900 into bitcoin and Ethereum based on his bi-weekly paycheck with appropriate taxes withheld.

"From being the primary means by which we close both the digital and financial divide, technology continues to be the great equalizer," said New York City chief financial officer Matt Fraser. "This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances."