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NYC Mayor Eric Adams announced Thursday that he will convert his first paycheck into crypto.
Adams will split it between Bitcoin and Ether.
The mayor's office did not tell Insider what his salary is yet or what the exact split will be.
New York City Mayor Eric Adams will covert his first paycheck from US dollars to a pair of cryptocurrencies, he announced Thursday.
Without a legal mechanism for the City of New York to issue payments in crypto currencies, Adams will buy a mix of Bitcoin and Ether with his paycheck, according to the press release from his office.
"New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations," Adams said in the release. "Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe."
Shortly after Adams made his announcement, the CEO of the Apex Crypto platform announced plans to triple the company's workforce in the Big Apple and praised the mayor for embracing cryptocurrency.
"Mayor Eric Adams' commitment to converting his first paycheck into cryptocurrency is the surest sign yet that New York will be well-positioned to embrace the revolution in crypto and decentralized finance," CEO Daniel Rosenthal wrote in a statement. "New York City is currently home to about 50 employees across Apex and its parent company and thanks in-part to Mayor Adams' actions today, we are ready to triple the number of jobs over the next two years in New York City as we grow our crypto business. "
The mayor's press office did not immediately respond to Insider's request for comment and questions on what Adams' salary will be, as well as what the exact split will be between Bitcoin and Ether.
Former Mayor Bill de Blasio's salary was $258,541 in 2021.
Both Bitcoin and Ether — the currency running on the Ethereum blockchain — have experienced price drops in recent weeks, allowing Adams an opportunity for a profit down the line if they return to or exceed previous levels.
The price for one Bitcoin was $42,559 on the afternoon of Adams' announcement, while Ether sat at $3,182.
Read the original article on Business Insider