New York City Mayor to take first paycheck in Bitcoin

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New York City Mayor to take first paycheck in Bitcoin

Eric Adams, New York City's new mayor, has taken a bold step to meet one of his promises, as he is set to take his first paycheck inBitcoin, according to available information.

In November of last year, the mayor had promised to take his first three paychecks as a mayor in criptocurrency.

Mayor Adams is expected to receive his first paycheck inBitcoin andEthereum later on Friday. The paycheck would be converted to one of the leading exchanges in the United States, Coinbase.

When Mayor Adams made his promise regarding cryptocurrencies, the market was experiencing a green run that culminated in an all-time high. The flagship digital asset for the second dropped below the $40 k mark in recent weeks, which has eroded most of the gains.

The pro-crypto mayor appears unfazed despite the fall in value. In one of his recent statements he expressed his desire to make New York the centre of the world's innovations in the financial world.

The mayor of New York City is Francis Suarez, who was the first to take his paycheck in the BTC, as a pro-crypto mayor.

New York City Mayor is the latest individual to be willing to receive cryptocurrencies payment, which continues the widespread adoption moves being made across the world by individuals and institutions.

Francis Ngannou, the current holder of the UFC heavyweight title, announced that he would receive half of his prize purse from a UFC event this weekend in the flagship asset. He said he would give away $300,000 in Bitcoins to fans who comment on his post.

The price movement of the wider industry is one of the risks associated with adopting digital assets as a payment method, according to critics of the adoption of the coin.