NYC Mayor takes pay cut as cryptocurrency market plunges

Conference Of Mayors Held In Washington, DC
NYC Mayor Eric Adams received his first paycheck in cryptocurrency. | Photo by Alex Wong / Getty Images

Even in the midst of a crypto slump, New York City Mayor Eric Adams isn’t backing out of his plans to take his first three paychecks in Bitcoin and Ethereum. Bitcoin fell beneath $36,000 on Friday — a 47 percent dive from its all-time high in November — dragging the entire cryptocurrency market cap below $2 trillion.

Adams officially received his first paycheck yesterday, which was converted to Bitcoin and Ethereum through cryptocurrency exchange Coinbase. According to the New York Post, the NYC mayor receives biweekly paychecks of about $5,900, amounting to a salary of $258,750 a year. Adams didn’t reveal how much of his $5,900 check is split between…

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Author: Emma Roth