Politics

Mayor-elect Eric Adams says he will accept first three paychecks in Bitcoin 

On Thursday, Mayor-elect Eric Adams, a Democrat, said he will take his first three paycheck in bitcoin, a popular cryptocurrency. The city has not made it clear yet whether it is able to pay salaries in bitcoin.

“It is time. Who is going to be the first American politician to accept their salary in bitcoin?” Anthony Pompliano, a bitcoin enthusiast, asked on Twitter. Miami Mayor Francis Suarez answered by saying he would take his next paycheck in bitcoin; Adams, following his victory over Republican Curtis Sliwa, followed suit shortly after.

“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” he wrote. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Adams, a former police officer elected Brooklyn Borough President in 2014, did not make cryptocurrency a part of his mayoral campaign, unlike his Democratic primary opponent, Andrew Yang.

However, Adams praised Suarez in an interview with Bloomberg Radio on Wednesday: “He has a MiamiCoin that is doing very well. We’re going to look in the direction to carry that out.” Adams also mentioned his hopes of incorporating cryptocurrency into New York’s economy while creating a talent pipeline for jobs in that field.

MiamiCoin, the city’s cryptocurrency, is intended to provide a dual revenue stream divided between the city and the coin’s owner, CityCoin helped create the currency in partnership with the city.

El Salvador was the first country to adopt bitcoin as legal payment in September, but incorporating the program has been challenging as nearly half the country cannot access the internet. The Salvadoran Foundation for Economic and Social Development says that 12 percent of the nation’s consumers have used the cryptocurrency thus far. 

ARTICLE: ELIZABETH HERTZBERG

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: COMPLEX.COM

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