NY Mayor Take First pay In Bitcoin via coinbase

[Wiwo]

As Bitcoin adoption keep increasing around the globe, with leaders of various countries adopting Bitcoin payment as a show of support to the fast-rising cryptocurrency industry in other to tap into its numerous advantages over the traditional financial system, some time ago I share the news of the new York mayor Eric Adam promising to take his 3 months salary via Bitcoin.

Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. By using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account.

This thread is to confirm the action of the New York Mayor announcing the receiving of his first salary in Bitcoin despite the market fall the mayor stated that he received the salary via coinbase.
https://news.bitcoin.com/nyc-mayor-eric-adams-converts-first-paycheck-to-bitcoin-ether-coinbase/

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[goinmerry]

Global adoption is now taking place slowly but surely. Not just the NY Mayor but many politicians already show support in accepting cryptocurrencies.

A good move by him but I don't see any special since he still paid by fiat due to regulations but converted to Bitcoin. It's like the usual, he just bought crypto on Coinbase. Since he is a public official, it will contribute to much more awareness about what Bitcoin is all about in general.

[KingsDen]

Thanks for the thread!

But the mayor was not paid in bitcoin, he just bought bitcoin with his salary. If I may ask, is it now that bitcoin is low that his salary came? Should we call it a coincidence?
I think something is happening behind the scene.
No much feelings though, the mayor is buying low so as others are buying.
He is an investor.

[aysg76]

Thanks for the thread!

But the mayor was not paid in bitcoin, he just bought bitcoin with his salary.

The New York federal laws have no such legalization of Bitcoin and employees can't directly be paid in that so he is taking third party help coinbase here to accept his salary into bitcoin and ETH both to be corrected not only btc.

Since federal law doesn’t allow New York City to pay its employees in cryptocurrency, the first check will automatically be converted to Bitcoin and Ethereum before it gets deposited into his account.

At this time he has pledged to convert first three paycheck to both of these cryptos.He is among some top cities mayor to do so like Miami mayor Francis who is well known btc enthusiastic.

If I may ask, is it now that bitcoin is low that his salary came? Should we call it a coincidence?
I think something is happening behind the scene.
No much feelings though, the mayor is buying low so as others are buying.
He is an investor.

The price levels have nothing to do with him as you could see they were going down from a long time and he accumulating more btc as salary at low rates is mere coincidence according to me because to manipulate the prices some big games need to be planned if you are aware of that.Those who are buying at discounted rates will get good profits in the long run.

[Lucius]

...some time ago I share the news of the new York mayor Eric Adam promising to take his 3 months salary via Bitcoin.

What after 3 months, will he still be a hero when he receives his salary only in $? Although some think that he promotes Bitcoin in this way (to some extent he promotes it), but he also sends the message "Bitcoin is good for me, but only for 3 months". To make matters worse, I had no idea that part of the salary also converts to altcoin, thanks @aysg76 for that information.

[KingsDen]

Thanks for the thread!

But the mayor was not paid in bitcoin, he just bought bitcoin with his salary.

The New York federal laws have no such legalization of Bitcoin and employees can't directly be paid in that so he is taking third party help coinbase here to accept his salary into bitcoin and ETH both to be corrected not only btc.

I understand you and understand him too. But this time around I am just being too skeptical about public figures embracing bitcoin and making it public.
That's always the game nature. After making bitcoin waves for sometimes, you can see him come up to say "I love bitcoin but due to the high energy consumption, I will not be able to take my salary in bitcoin again ".
Then, we suffer another set back as Elon did.

[suzanne5223]

It is good that the New York Mayor showcase his level of Bitcoin enthusiasm by receiving his first salary in Bitcoin despite the market fall and some days ago the UFC Heavyweight Champion Francis Ngannou also announced the receiving of 50% of his purse with CashApp in BTC.
Technically, shows that all the political leaders and celebrities know there's something BIGGER and special about Bitcoin but most of them just couldn't submit to it because of its decentralization.

[stompix]

Promise made, promise kept. Took my first check in bitcoin and ethereum.

I have a problem remembering when did he promise to get his paycheck in that etherum also!
Or once he got the votes he suddenly forgot about it, bet that if he said that at the start the enthusiasm for him and the votes from the bitcoin community would have been at least halved.



Can somebody point me where it says etherum and other cryptocurrencies there?

And since I've already drawn the pitchfork, as I read about his wealth his only income comes from the wage, so how is he going to do live for these three months, will he take a loan or will he just..., u know!

[oHnK]

And since I've already drawn the pitchfork, as I read about his wealth his only income comes from the wage, so how is he going to do live for these three months, will he take a loan or will he just..., u know!

Maybe he can still live a good life because he's a Major.  salary received in Bitcoin is one of the many perks he may receive.  From the monthly salary he receives in Bitcoin, to live his life there are already food facilities, health facilities and other facilities that he receives without cash or through services.  I think so, regarding the development of BTC in adoption, not only NY Majors who take salaries in BTC there is a mosque in London, collecting zakat in the form of BTC so actually this is already at the adoption period.

[Gyfts]

This isn't a big story, he's just converting his normal USD based pay into crypto using an intermediate exchange. The New York government is not adopting a crypto based payment system, Eric Adams is just telling people that he's investing into Bitcoin by converting his own paycheck into crypto -- something literally anyone can do.

Tell me when New York issues payments of crypto to any state employees, something I don't think will ever happen unless there was mass adoption on the federal level which forced states to follow along.

[amishmanish]

And he ended up buying the dip too. Being a mayor and a politically active person would mean he has means of living that don't force him to liquidate all of his BTC. Hope this serves him well when we have a revival.

Politicians have a tendency to cater to the masses. So even though there is a downtrend, the populace is optimistic about Bitcoin, and to be fair, crypto in general due to all the attention that NFTs have got for artists and creative types. This is pretty much a positive and a confidence building measure and should be welcomed.

[mk4]

A good move by him but I don't see any special since he still paid by fiat due to regulations but converted to Bitcoin. It's like the usual, he just bought crypto on Coinbase.

Why is it a bad thing though? The end goal was to have his salary to be converted into bitcoin, and it was achieved regardless of what the specific method was. It's not like the market effect and implication was different.

[Obito]

A good move by him but I don't see any special since he still paid by fiat due to regulations but converted to Bitcoin. It's like the usual, he just bought crypto on Coinbase.

The special thing here is that this is the first time probably that an official in the government has taken their salary through bitcoin which will be publicized and I am pretty sure that it's going to be encouraging more people to try what the NY Mayor did and in turn could probably bolster adoption of bitcoin and other cryptocurrencies since more people will try out what the mayor did.

[Lucius]

Can somebody point me where it says etherum and other cryptocurrencies there?

Politicians have one very special feature, and that is that they say one thing and do something completely different - and this case only confirms that this is true. I would wonder if the mayor even knows the difference between Bitcoin or altcoins, because it may be a very similar thing to him.

And since I've already drawn the pitchfork, as I read about his wealth his only income comes from the wage, so how is he going to do live for these three months, will he take a loan or will he just..., u know!

A good question that would be very interesting to know the answer to, although I have no doubt that such a man has a thick supply of money because you don't become the mayor of NY if you're poor. I hope that he will be able to survive for 3 months, and then he can return to normal and start living according to the good old American rule - "In $ we trust".

[gabbie2010]

It is good that the New York Mayor showcase his level of Bitcoin enthusiasm by receiving his first salary in Bitcoin despite the market fall and some days ago the UFC Heavyweight Champion Francis Ngannou also announced the receiving of 50% of his purse with CashApp in BTC.
Technically, shows that all the political leaders and celebrities know there's something BIGGER and special about Bitcoin but most of them just couldn't submit to it because of its decentralization.

That is indeed a welcome development by the New York Mayor his sole action will project bitcoin in a good light against the backdrop of some politicians who are always tarnishing the image of bitcoin while others are not in support of it, Ex US Donald Trump once said that he is not in support of bitcoin however that was his personal opinion and that does not stop the growth of bitcoin, this method adopted by this top politician by earning his salary via bitcoin will convince other politians to adopt that same  practice thus projecting bitcoin into more limelight.

[franky1]

Promise made, promise kept. Took my first check in bitcoin and ethereum.

I have a problem remembering when did he promise to get his paycheck in that etherum also!
..

Can somebody point me where it says etherum and other cryptocurrencies there?

https://twitter.com/NYCMayor/status/1484327237612494853

im not interested in his income. thats more of a small side show advert. what im more interested in is that he said he wants to repeal the NY Bitlicence and allow NY businesses to just get started offering bitcoin based services without the hurdles to jump through

[Fortify]

As Bitcoin adoption keep increasing around the globe, with leaders of various countries adopting Bitcoin payment as a show of support to the fast-rising cryptocurrency industry in other to tap into its numerous advantages over the traditional financial system, some time ago I share the news of the new York mayor Eric Adam promising to take his 3 months salary via Bitcoin.

Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. By using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account.

This thread is to confirm the action of the New York Mayor announcing the receiving of his first salary in Bitcoin despite the market fall the mayor stated that he received the salary via coinbase.
https://news.bitcoin.com/nyc-mayor-eric-adams-converts-first-paycheck-to-bitcoin-ether-coinbase/

I wonder how much he might be regretting signing himself up to this. What you'll tend to find is these politicians usually lack much knowledge about what they're preaching but are keen to use any hyped up new trends to their political advantage. Cryptocurrency is still seen as a modern and innovative concept (it is, barring the environmental issues to be solved). Coinbase is probably bumping up his salary behind the scenes as this is indirectly favorable advertising to them, he might slide into a comfy "consulting" type job working in this company after he leaves office. This definitely sounds like a carefully engineered story, because as you posted - he got paid in USD and made a choice to convert it after that point.

[franky1]

I wonder how much he might be regretting signing himself up to this. What you'll tend to find is these politicians usually lack much knowledge about what they're preaching but are keen to use any hyped up new trends to their political advantage. Cryptocurrency is still seen as a modern and innovative concept (it is, barring the environmental issues to be solved). Coinbase is probably bumping up his salary behind the scenes as this is indirectly favorable advertising to them, he might slide into a comfy "consulting" type job working in this company after he leaves office. This definitely sounds like a carefully engineered story, because as you posted - he got paid in USD and made a choice to convert it after that point.

he knows a bit more then you think. he is already looking into repealing the NY bitlicence. so he knows about the laws hindering bitcoin innovation in NYC
he also know about the mining side of things.

im not fan waving his salary announcement. thats just side drama stuff and not as important as the 'NY becoming bitcoin innovation centre' announcement.

but those saying he might regret it, as if he has no other income or savings. pfft. the guy is not poor. he has $2-$3m net worth
so $21k a month for 3 months is not that much to miss.

i am a little bit more critical about his republican aspects and that he wrote a book about herbal medicine (which gives me a few doubts about his decision making)

[PrimeNumber7]

And since I've already drawn the pitchfork, as I read about his wealth his only income comes from the wage, so how is he going to do live for these three months, will he take a loan or will he just..., u know!

I think it is fair to say that he probably has some amount of savings. If he does not dip into his savings, he may spend some of his coin to pay for some of his various expenses. As mayor, I don't think he has to pay for things like rent, so his expenses will largely be descretionary.

This isn't a big story, he's just converting his normal USD based pay into crypto using an intermediate exchange. The New York government is not adopting a crypto based payment system, Eric Adams is just telling people that he's investing into Bitcoin by converting his own paycheck into crypto -- something literally anyone can do.

IMO this is largely symbolic. It looks like Adams is also going to try to make NYC more crypto-friendly in terms of regulations.

[Cryptopher]

To be honest, if you can comfortably afford to take your wage in Bitcoin then it's probably a smart idea. Dollar cost averaging has so far been king.