New York Mayor Adams will receive his first cryptocurrency salary

Jan 20 (Reuters) – New York City Mayor Eric Adams said on Thursday the first paycheck he will receive on Friday will be automatically converted into cryptocurrency through Coinbase Global Inc (COIN.O).

The salaries will be converted into ethereum and bitcoin, the statement added.

Last year the mayor said He will take his first three salaries in Bitcoin And said he intends to make his city “the epicenter of the cryptocurrency industry.”

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“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovation,” Adams said in a statement.

Coinbase Global operates an exchange that enables people to buy and sell cryptocurrencies.

Despite their growing popularity among retail and professional investors, cryptocurrencies including bitcoin and ethereum have struggled to go mainstream, in part because of their frequent fluctuations in value.

Bitcoin and Ethereum both hit record highs in November, but those values ​​plummeted ahead of the new year. January 10, Bitcoin down more than 5%, fell below the $40,000 level for the first time since September. In early trading Thursday, bitcoin was valued at $43,309 and ethereum at $3,250.

After his election in November, Adams also advised New York schools to offer courses in cryptocurrency and blockchain technology, and after Miami Mayor Francis Suarez made a similar pledge, he pledged to convert his first three salaries to Bitcoin.

New York City Chief Technology Officer Matt Fraser said in a statement that Adams’ conversion of his first salary into cryptocurrency “provides a prime example” of how New York City is “through technology Giving people more options to manage their finances.”

While Adams has yet to come up with specific policies to make New York a cryptocurrency hub, digital asset enthusiasts say his embrace of Bitcoin is encouraging and believe in his stance Can attract more digital asset startups to New York.

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Reporting by Mrinmay Dey in Bengaluru and Hannah Lang in Washington; Editing by Chizu Nomiyama and Jonathan Oatis

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