Keeping Campaign Promise, New York Mayor's First Salary Will Be Converted To Crypto

New York Mayor Eric Adams, convert his salary in crypto. (photo: twitter video screenshot)

JAKARTA – The popularity of cryptocurrencies, among artists, sportsmen and celebrities in the United States, is getting stronger this year. Even the politician in the land of Uncle Sam is now also receiving his salary or income in crypto.

New York City Mayor Eric Adams on Thursday said his first paycheck, due to arrive this Friday, January 2, will be automatically converted into cryptocurrency through Coinbase Global Inc. The mayor's salary will be converted to ethereum and bitcoin. Coinbase Global, as long as it operates an exchange that allows people to buy and sell cryptocurrencies.

The mayor of New York, who was elected late last year, said he would receive his first three salaries in bitcoin and signaled his intention to make his city "the center of the cryptocurrency industry".

"New York is the center of the world, and we want it to be a hub for cryptocurrencies and other financial innovations," Adams said in a statement.

Promise made. Promise kept. pic.twitter.com/rSafDZDViN

— Mayor Eric Adams (@NYCMayor) January 21, 2022

After being elected last November, Adams also suggested that New York schools teach courses on cryptocurrencies and blockchain technology. He, too, followed a similar promise from the mayor of Miami, Francis Suarez, who pledged to convert his first three salaries into bitcoin.

“Adams turned his first salary into cryptocurrency as if to “set a prime example” of how New York City can “empower people through technology with a more diverse set of options for managing their finances,” said New York City Chief Technology Officer Matt Fraser, in a statement.

While Adams has yet to propose a specific policy that would make New York a global crypto hub, digital asset enthusiasts say his acceptance of bitcoin has been encouraging, and believes he can attract more digital asset start-ups to New York.

Despite their increasing popularity among retail and professional investors, cryptocurrencies, including bitcoin and ethereum, have struggled to become mainstream in part due to frequent fluctuations in value. That high volatility makes the world's financial institutions strongly against crypto.

Both Bitcoin and ethereum have hit record highs last November. But then these values plummeted towards the new year. On January 10, Bitcoin was down more than 5%, falling below the $40,000 per coin level, for the first time since September.

In early Thursday trading this week, bitcoin was now worth $43.309 and ethereum was at $3.250.