NYC Mayor-Elect Eric Adams Will Receive His First Three Paychecks In Bitcoin
On Nov. 2, Eric Adams made history as the second Black man to be elected mayor of New York City. Edams will not be sworn into office until January but the Brooklyn native already has a plan for his first paychecks. Adams has committed to his first three paychecks in bitcoin.
Miami Mayor Francis Suarez tweeted that he would receive a paycheck in bitcoin, which sparked Adams to respond.
On Nov. 4, Edams tweeted, “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
When asked by CNN if he would encourage New York City companies to pay employees in bitcoin, Adams said “we’re going to look at it, we’re going to tread carefully” but added "I want to make sure that this city becomes a center of innovation, no matter what that innovation is."
Cryptocurrencies have been seen as a new path to wealth, especially in minority communities, according to USA Today.
An estimated 23 percent of Black Americans own cryptocurrencies, like bitcoin, compared to 13 percent of the general population, the outlet reported, which is based on surveys by Harris Poll.
The Black community is not alone. The survey found that marginalized groups disproportionately own crypto. About 25 percent of the LGBTQ community and 17 percent of Hispanics are in the crypto market, compared to 11 percent of white Americans.
What many in those groups have in common is a belief that the banking and loans industry mistreats them.
In the survey, 43 percent of Black people had that sentiment, compared with 28 percent of the general American population.
Unlike traditional currencies, there are no centralized institutions that oversee cryptocurrencies.
