NYC Mayor takes pay cut as cryptocurrency market plummets
Even in the midst of a cryptocurrency crash, New York City Mayor Eric Adams is not pulling out his plans to take his first three paychecks in Bitcoin and Ethereum. Bitcoin fell below $ 36,000 on Friday – a 47 percent dip from its highest level in November – pulling the entire market value of cryptocurrencies below $ 2 trillion.
Adams officially received its first paycheck yesterday, which was converted to Bitcoin and Ethereum through the cryptocurrency exchange Coinbase. according to New York Post, the NYC mayor receives a weekly pay slip of around $ 5,900, which equates to a salary of $ 258,750 a year. Adams did not reveal how much of his $ 5,900 check is split between Bitcoin and Ethereum, but if the cryptocurrency market continues to trend downward, the funds from Adam̵[ads1]7;s first check could quickly disappear.
Mayor Adams announced that he would take his first three paychecks in Bitcoin in November last year (which, of course, was just before Bitcoin reached the record $ 69,000). The move came out of one Twitter exchange between Adams and Miami Mayor Francis Suarez, who said he would receive his next paycheck in Bitcoin. However, Adams wanted to take things a little further, and chose not to get one, but three payslips in digital currency, as part of his effort to make NYC the “center of cryptocurrency.”
Mayor Adams is just one of a number of high-profile individuals who take their paychecks in cryptocurrency. NFL players including Aaron Rodgers, Tom Brady and Odell Beckham Jr. has also chosen to convert part, if not the entire salary, into cryptocurrency. The current cryptocurrency decline is likely to twist their digital wallets even more than Adams’s, as all three players switched over their salaries when Bitcoin was at its peak last fall.
