Incoming New York Mayor Eric Adams Wants to Be Paid in Bitcoin

Eric Adams desires to be paid in bitcoin, based on a brand new tweet from the incoming New York mayor. But there’s one little catch: Adams says he desires simply his first three paychecks on the earth’s hottest cryptocurrency.

“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” Adams tweeted on Thursday.

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” Adams continued.

Why solely his first three paychecks? That half isn’t clear. But if we needed to guess, it’s as a result of buying and selling bitcoin is a extremely unstable exercise with a value that may swing wildly from day after day. For instance, the value of bitcoin this morning is $62,079, but bitcoin had a value of $64,066 simply a few days in the past. And these enormous value swings are exactly why crypto makes a reasonably shitty forex.

Adams isn’t the one mayor of a giant metropolis staking his declare on the earth of cryptocurrencies. The Republican mayor of Miami, Francis Suarez, mentioned on Tuesday he’s planning to take his next paycheck in bitcoin. But you’ll discover Suarez isn’t swearing off fiat cash solely. Guys like Adams and Suarez can afford to take one or three paychecks in crypto since they’re not dwelling paycheck to paycheck.

How will it work to receives a commission in bitcoin? That half isn’t utterly clear but. Since most payroll departments within the U.S. are solely set as much as pay individuals in American {dollars}, somebody from town would presumably have to go purchase bitcoin on a service like Coinbase or Binance earlier than transferring it to Adams. And the precise time they purchased the bitcoin could be essential, for the reason that value fluctuates not simply day after day, however minute to minute.

Adams, a Democrat and former cop, received the mayoral election in New York on Tuesday in a landslide, beating his Republican challenger Curtis Sliwa with 66.5% of the vote in comparison with Sliwa’s 28.8%, based on the New York Times.