Eric Adams has said he plans to receive his first three paychecks in cryptocurrency, specifically Bitcoin, once he begins his new job as the Mayor of New York City in January.
The Brooklyn Democrat made the declaration on his Twitter account two days after winning the mayoral race. The tweet came after Miami Mayor Francis Suarez also tweeted that he plans to accept one paycheck in Bitcoin.
“I intend to ensure a full adoption of cryptocurrency in New York City by turning the city into the center of the industry and other rapidly growing innovative industries,” Adams said in a tweet.
For both Suarez and Adams, their leanings towards the highly volatile cryptocurrency are beyond what many business leaders in the cryptocurrency space do.
Coinbase, for instance, is one of the world’s biggest cryptocurrency platforms, but its CEO Brian Armstrong, who pocketed about $60 million in 2020 from compensations, did not receive any of the payment in cryptocurrency. Coinbase offers Armstrong and many other company executives the option to receive a part of their salaries in crypto assets, but records do not show that Armstrong opted in. As of Thursday, Coinbase did not respond to a request for comment.
In the same vein, Fred Thiel, CEO of bitcoin mining company Marathon Digital, does not receive his $500,000 executive compensation in cryptocurrency.
Technically, the Mayors of New York and Miami will receive their paychecks in dollars and then purchase bitcoin at the day’s market rate using one of the many digital platforms like Coinbase and Cash App. There’s even a Bitcoin ATM on 12 John Street, a few steps from City Hall, that Adams could use.
They both join a small group of famous Americans who devote a portion of their income to cryptocurrency. Green Bay Packers quarterback Aaron Rodgers said that he believes in Bitcoin and will happily take some of his income from the NFL in Bitcoin.
Even though Bitcoin is considered volatile by financial experts, more companies are accepting it as a form of payment, which contributed partly to the new highs it reached this year.
At Bitcoin’s current price of $60,000, Adams, whose salary will be around $260,000 annually as mayor, would need his first six paychecks turned into crypto, assuming he gets paid every fortnight.
Many other cryptocurrencies like Dogecoin, Ethereum, SHIBA also hit record-high prices this year, with celebrities like Kanye West, Snoop Dogg, and others throwing their weights behind these digital currencies.