Eric Adams, the incoming mayor of New York City, wants to convert his first paycheck into two cryptocurrencies this week, which he has hailed as a potential economic engine for the city.
It couldn’t have come at a better time for him. Bitcoin fell to a five-month low of $38,568.18 per unit on Friday, putting it at a five-month low.
Ethereum, the second most valuable cryptocurrency behind bitcoin, has dropped more than 12.5 percent and is now selling at just under $2,800.
Adams’ first salary payment will be placed with Coinbase, an internet platform for buying cryptocurrencies, and then converted into Ethereum and bitcoin, according to the Democrat’s office.
In a statement, Adams said,
On the other hand Coinbase is helping the Newyork City Mayor to transact his paycheck into cryptos. CEO of Coinbase Brian Armstrong Tweeted about the transaction.
Adams Criticised By The Environmental Group For Promoting Bitcoin
Seneca Lake Guardian, an upstate New York environmental group, criticised Adams’ use of his public office to promote the crypto industry. She claims that creating and managing cryptocurrency can consume enormous amounts of energy, which is often produced by power plants that contribute to climate change.
Cryptocurrency and blockchain technology, which is a digital ledger where cybercurrency transactions are recorded, should be taught in schools, according to Adams.
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