New York City’s new mayor, Eric Adams, said on Thursday that his first paycheck will be in bitcoin (BTC) and ethereum (ETH). Salaries are expected to be converted into cryptocurrency via Coinbase on Friday.
According to Coinbase’s website, users can transfer their paychecks directly into Coinbase accounts through the platform. The feature allows users to convert some or all of their funds into cryptocurrency. Cryptocurrencies have fallen early this year as the Federal Reserve is set to raise interest rates as early as March.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovation. Being at the forefront of this innovation will help us create jobs and improve our economy,” said Adams. And continue to attract global talent.”
Eric Adams
What can Adams do with his salary?
Even in the center of the world, trying to live off Ethereum or Bitcoin can be a struggle. It can’t be used on the subway, and it’s also difficult to put Dogecoin in a laundromat coin slot. So, what can Adams actually do with his salary? In 2019, Whole Foods (an American organic supermarket chain) started accepting cryptocurrencies through an app-based payment system called Flexa. But a customer service representative said Thursday that the company is not currently adopting cryptocurrencies, which means it is not feasible to use cryptocurrencies to shop at supermarkets.
The vegan mayor may have better luck at restaurants, where Yelp can help users filter restaurants that accept cryptocurrency. Alternatively, he can also use various platforms such as Bitrefill and Fold (cryptocurrency gift cards) to buy gift cards with Bitcoin. This might be a cup of coffee at Starbucks, or ordering food through DoorDash. It also works for other companies like Amazon, Netflix, etc.
In fact, Adams’ cryptocurrency salary was converted into Bitcoin through a cryptocurrency exchange after he received his salary in USD. According to the U.S. Department of Labor and various state-level regulations, resident employees in the U.S. often cannot be paid directly in cryptocurrency. The mayor’s office also said that the Coinbase platform will automatically convert salaries into cryptocurrencies for payment.
The mayor of New York is not the only mayor to be paid in cryptocurrency. Miami Mayor Francis Suarez tweeted in November that he would get his next paycheck in Bitcoin.