True to the commitment made earlier, the head of New York City will receive work compensation entirely in cryptocurrency. According to a notice posted on January 21, the office of New York Mayor Eric Adams confirmed that he has transferred all of his monthly salary to two cryptocurrencies Bitcoin and Ethereum.
Mr Adams said: “New York is the center of the world, and we also want it to be the epicenter of cryptocurrency and other financial advancements. Being at the forefront of such trends will help the city create more job opportunities, improve its economy, and attract talent from around the world”.
The mayor of New York further revealed that he made his crypto investment through Coinbase, the largest crypto exchange in the United States.
Mr. Adams is one of the most pro-crypto state officials in recent times. Besides claiming to receive his salary in BTC, he also supported the initiative to issue a digital currency New York Coin (NYCCoin) and expressed his desire to integrate cryptocurrency teaching in schools.
January, Mr. Adams also saw this as an opportunity to “catch the bottom”. However, that prediction seems to be wrong when on the morning of January 22, the price of Bitcoin and many other major cryptocurrencies continued to correct sharply, setting a new low within the past half year.
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