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NYC Mayor takes pay cut as cryptocurrency market declines

Govt. officials still opt crypto even if it’s drowning!

NYC Mayor takes pay cut as cryptocurrency market declines

Eric Adams, the mayor of New York City, is sticking to his plan to get his first three salaries in Bitcoin and Ethereum. On Friday, Bitcoin dropped below $36,000, a 47 percent drop from its all-time high in November, bringing the whole cryptocurrency market capitalization below $2 trillion.

Adams received his first salary, which was converted to Bitcoin and Ethereum via cryptocurrency exchange Coinbase, yesterday. According to the New York Post, the mayor of New York is paid $5,900 monthly, for a total annual compensation of $258,750.

Adams didn’t say how much of his $5,900 check is split between Bitcoin and Ethereum, but if the crypto market continues to fall, the monies from Adams’ initial check might vanish soon.

Last November, Mayor Adams declared that he will collect his first three paychecks in Bitcoin (just as Bitcoin hit a new high of $69,000). The decision was made following a Twitter debate between Adams and Miami Mayor Francis Suarez, who stated that his next paycheck will be in Bitcoin. Adams, on the other hand, wanted to go a step further, preferring to get not one, but three salaries in digital currency as part of his plan to make New York City “the heart of cryptocurrency.”

NYC is going to be the center of the Cryptocurrency industry.

Eric Addams on Twitter

Mayor Adams is one of a number of high-profile persons that accept cryptocurrencies as payment. Aaron Rodgers, Tom Brady, and Odell Beckham Jr. are among the NFL players who have elected to convert a portion, if not all, of their earnings to bitcoin.

However, because all three players transferred over their pay when Bitcoin was at its height last autumn, the current crypto collapse is likely bleeding out their digital wallets much more than Adams’.

BTC miners consume a significant amount of power in the US. Is there a way to solve this problem? Or will the United States face another energy disaster like the global chip crisis?

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Written by Hammad Khalid

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