Adams' First Paycheck Will Be In Cryptocurrency As Promised

NEW YORK CITY — Famous vegan Mayor Eric Adams might need to find a farmers market stand that takes Bitcoin.

Adams announced that his first paycheck Friday will be converted into Bitcoin and Ethereum — a move that fulfills his previous pledge to take his first three payments in cryptocurrency.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement Thursday. “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.”

But for all Adams' crowing about "innovation," many critics are skeptical of cryptocurrency in general, and his paycheck move in particular.

A Slate headline dubbed Adams' stunt as an "embarrassment."

"The message boils down to this: I’m going to take my public salary and gamble it on a speculative store of value, and you should, too!" the Slate writers argued.

The writers also noted that people can't actually dictate to employers the currency to be paid — a scenario they argued is akin to saying, “I’d like my fee for this article in gold doubloons if you please, Slate."

A mayor's office release acknowledges this reality for Adams.

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

Adams' paycheck will be converted to cryptocurrency by Coinbase, "a secure online platform for buying, selling, transferring, and storing digital currency," the release states.