Even in the midst of a crypto slump, New York City Mayor Eric Adams is not backing down on his plans to receive his first three paychecks in Bitcoin and Ethereum. Bitcoin fell below $36,000 on Friday — a 47 percent plunge from its all-time high in November — dragging the entire cryptocurrency market cap below $2 trillion.
Adams officially received his first paycheck yesterday, which was converted into Bitcoin and Ethereum via cryptocurrency exchange Coinbase. According to the New York Post, the mayor of NYC receives a biweekly salary of approximately $5,900, which equates to a salary of $258,750 per year. Adams has not revealed how much of his $5,900 check has been split between Bitcoin and Ethereum, but if the crypto market continues to lean, the money from Adams’ first check could quickly evaporate.
Mayor Adams announced last November that he would receive his first three paychecks in Bitcoin (which, of course, was just before Bitcoin hit a record $69,000). The move came from a Twitter exchange between Adams and Miami Mayor Francis Suarez, who said he would receive his next paycheck in Bitcoin. However, Adams wanted to take it one step further and chose to get not one, but three paychecks in digital currency, as part of his effort to turn NYC into “the center of cryptocurrency.”
Mayor Adams is just one of a number of high profile figures who take their paychecks in cryptocurrency. NFL players, including Aaron Rodgers, Tom Brady and Odell Beckham Jr. have also chosen to convert some if not all of their paychecks into cryptocurrency. The current crypto slump is likely to wring their digital wallets even more than Adams’s, as all three players transferred their salaries when Bitcoin peaked last fall.