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Fulfilling his promise, New York Mayor will receive its first three paychecks in the form of Cryptocurrency. The Mayor made this announcement last year during the election campaign. The Democrats office has announced that Eric's paycheck will be first deposited into Coinbase and later converted into Bitcoin and Ethereum. Coinbase is a leading platform to buy and sell cryptocurrencies. Eric has ambitious plans for the future and has made statements indicating his intent to transform New York as the Hub of the Cryptocurrency industry.
The split figure of his paycheck in Bitcoin and Ethereum is not yet decided and will be determined according to the current exchange rate. According to estimates by experts, Adams will receive $5900 for the two crypto coins. If we look for the current exchange rate, Adams will get 0.14 Bitcoin and 1.82 Ethereum. Bitcoin and Ethereum are the two biggest cryptocurrencies of the industry at this point. But the coins have plunged over the past few months due to regulations by economies.
Adams said in a statement "New York is the center of the world, and we want it to be the centre of cryptocurrency and other financial innovations. 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." We can expect major investment in the digital asset sector after the announcement of Eric Adams. Adams is also a proponent of introducing tech courses on blockchain technology and Cryptocurrency.
The step of Eric Adams has also drawn criticism from some experts. Experts believe that this step by Mayor can cost millions of dollars to the city. Further, it can also worsen the climate of the city due to the emission of hazardous. Some also believe that investment in virtual currencies is highly-risky in long term.
Matt Fraser, New York City Chief Technology Officer said the step by Adams "provides a leading example" of how New York City can "empower people through tech with a more diverse set of options to manage their finances," We may see an increase in the investment by the digital asset enthusiasts and can also cater some positive results in the other sectors of the economy after the announcement of ambitious plans by the Mayor, Eric Adams.