New York City Mayor Gets First Bitcoin Paycheck

© APA/AFP/GETTY IMAGES/Alexi J. Rosenfeld / Alexi J. Rosenfeld

New York’s new mayor drops his salary in Bitcoin and Ethereum cash out, reports The Verge. However, according to US legislation, a direct payout in cryptocurrencies is not possible. The salary is therefore in sequence via Coinbase converted to Bitcoin and Ethereum.

Eric Leroy Adams is a retired American police officer, politician with the Democratic Party and since January 1 he is the 110th Mayor of New York City. He received his first paycheck in bitcoin just a few days ago – on Friday.

He should be every 2 weeks 5900 US-Dollar get salary, total 258.750 US-Dollar per year. According to his own statements, Leroy Adams wants the first three paychecks be converted to Bitcoin and Ethereum. However, it could currently happen that his first paycheck will almost fizzle out, because the cryptocurrencies are currently having a real short fall.

FILE PHOTO: Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture

The bitcoin price has gone through a sharp slump

Cryptocurrency price falls

In front 3 days was the bitcoin yet 43.300 Dollar worth. The largest digital currency is currently available 35.600 Dollar. That’s back up slightly by 2 percent on Sunday compared to Saturday’s price, but still a massive loss compared to 3 days ago.

Leroy Adams is one of a number of celebrities who announced this project – but at a time when the Bitcoin course was on a all-time high was in November 2021. Also NFL players Aaron Rodgers, Tom Brady and Odell Beckham Jr. had announced such an action.

Leroy Adams had prepared a statement on Friday about converting his salary to crypto: “New York is the center of the world and we also want to become the center for cryptocurrencies and other financial innovations,” said the mayor. “It will bring us jobs and strengthen our economy and attract talent from all over the world.”

However, the course of the cryptocurrencies could now remain frosty longer: reason for the so-called “Krypto-Winter“ is that the markets are becoming more and more convinced that the Federal Reserve will raise interest rates at least 3 times in 2022 as they huge inflation has to fight.

You can read more news about Bitcoin and other cryptocurrencies on our crypto channel

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