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Eric Adams will convert his first paycheck into Bitcoin and Ether

The mayor of New York City, Eric Adams, said on Thursday that he will convert his first paycheck into cryptocurrency. Mr. Eric Adams will split it between Bitcoin and Ether. Following Adams’ announcement, Apex Crypto’s CEO announced plans to triple the company’s New York personnel and praised the mayor for his cryptocurrency support.

New York City Mayor Eric Adams to convert his first paycheck into bitcoins and Ether

Eric Adams will convert his first paycheck into Bitcoin and Ether

Image Source: The Verge

New York City Mayor Eric Adams stated on Thursday that he will convert his first paycheck from US dollars to a pair of cryptocurrency. Eric Adams to convert his first paycheck into bitcoins and Ether.

According to a press statement from Adams’ office, without a legal method for the City of New York to distribute payments in cryptocurrencies, Adams will buy a mix of Bitcoin and Ether with his paycheck.

“New York is the global center, and we want it to be the global center of cryptocurrencies and other financial advances,” Adams said in a statement. “Being at the vanguard of such innovation will help us create jobs, strengthen our economy, and maintain our status as a global talent magnet.”

Shortly after Adams’ announcement, the CEO of the Apex Crypto platform announced intentions to treble the company’s New York staff and applauded the mayor for his support of cryptocurrency.

In a statement, CEO Daniel Rosenthal said, “Mayor Eric Adams’ promise to turning his first salary into Bitcoin is the surest evidence yet that New York will be well-positioned to embrace the revolution in crypto and decentralized finance.”

Apex and its parent company presently have roughly 50 people in New York City, and thanks in part to Mayor Adams’ efforts today, we are on track to increase that number in the next two years as we build our crypto business.”

The mayor’s press office did not immediately react to Insider’s request for comment, which included queries about Adams’ compensation and the exact division between Bitcoin and Ether. In 2021, former Mayor Bill de Blasio was paid $258,541.

Both Bitcoin and Ether, the cryptocurrency based on the Ethereum blockchain, have seen price decreases in recent weeks, giving Adams the chance to benefit if they rebound to or exceed earlier levels.

On the afternoon of Adams’ revelation, the price of one Bitcoin was $42,559, while the price of Ether was $3,182.

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Also read: Portugal’s first physical Bitcoin store

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