New York Mayor to receive first paycheck in cryptocurrency
Eric Adams on Thursday said his first paycheck, to arrive on Friday, will be automatically converted into cryptocurrency via Coinbase Global Inc. The salary will be converted to ethereum and bitcoin, the statement added. The mayor last year said he would take his first three paychecks in bitcoin and signaled his intention to make his city the «center of the cryptocurrency industry».
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View Details »«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. Coinbase Global operates an exchange that enables people to buy and sell cryptocurrencies. Despite their rising popularity among retail and professional investors, cryptocurrencies, including bitcoin and ethereum, have struggled to go mainstream due in part to their frequent fluctuations in value. Both Bitcoin and ethereum notched record-high values in November, only to see those values plummet leading up the new year. On Jan. 10, Bitcoin fell more than 5%, tumbling under the $40,000 level for the first time since September. In late morning trading on Thursday, a bitcoin was worth $43,309 and ethereum was at $3,250. After his election in November, Adams also suggested that New York schools teach courses on cryptocurrency and blockchain technology, and, following a similar pledge from Miami Mayor Francis Suarez, promised to convert his first three paychecks to bitcoin. Adams converting his first paycheck to cryptocurrency «provides a leading example» of how New York City can «empower people through tech with a more
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