New York City mayor to get first paycheck in bitcoin, ethereum through Coinbase: Bloomberg

In an effort to embrace the adoption of digital assets, New York City Mayor Eric Adams' first paycheck will be converted to cryptocurrencies bitcoin (BTC-USD) and ethereum (ETH-USD), Bloomberg reports. Adams' paycheck, which arrives on Friday, will be converted into crypto through digital asset exchange Coinbase Global (NASDAQ:COIN). Meanwhile, he says NYC cannot pay employees directly in crypto due to U.S. Department of Labor regulations, Bloomberg notes. “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Bloomberg cites Adams' statement. Both bitcoin (BTC-USD +3.1%) and ether (ETH-USD +4.8%), the two largest cryptos by market cap, catch a bid intra-day. Previously, (Nov. 4, 2021) Eric Adams said his first three paychecks will be in bitcoin.