CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

NYC Mayor to receive first paycheque Friday in bitcoin, ether

By Kevin Donovan

22:12, 20 January 2022

New York City Mayor Eric Adams
Mayor keeps promise to be paid in cryptocurrency - Photo: Office of the Mayor of New York City

As promised, New York City Mayor Eric Adams will receive his first paycheque in cryptocurrency on Friday 21 January, the mayor announced Thursday.

The planned move, announced last November over the then mayor-elect’s personal Twitter account, is part of Adams’ stated goal of making New York City a cryptocurrency hub.

“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. “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.”

Mayor Eric Adam promised to be paid in cryptocurrencyMayor Eric Adam promised to be paid in cryptocurrency - Photo:Twitter

While Adams’ initial proclamation was he wished to receive the first three of his paychecques in bitcoin, he instead opted to split his payment into both bitcoin and ether. Coinbase Global is automatically depositing Adams’ municipal salary directly into his personal bank account.

US Department of Labor regulations stipulate New York City may not pay municipal employees directly in cryptocurrency.

ETH/USD

3,451.00 Price
-1.320% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Gold

2,405.58 Price
+0.400% 1D Chg, %
Long position overnight fee -0.0195%
Short position overnight fee 0.0113%
Overnight fee time 21:00 (UTC)
Spread 0.30

BTC/USD

66,513.60 Price
-2.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.61 Price
-2.570% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Before funds are made available, Mayor Adams’ first paycheck will automatically be converted into cryptocurrency via Coinbase,” the Mayor’s office added in its statement.

“This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances” ~ NYC CTO Matt Fraser

“This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances,” added New York City’s Chief Technology Officer Matt Fraser. “From being the primary means by which we close both the digital and financial divide, technology continues to be the great equaliser.”

Based on Adams’ pretax $258,740 annual salary and New York City’s semi-monthly pay schedule for municipal employees, Adams’ receives $9,951.92 per paycheque. Based on Thursday’s conversion rates, as reported by Coindesk, and assuming an equal split between Bitcoin and Ether, Adams will receive 0.11957 Bitcoin and 1.60807 Ether. 

Read more: New NYC Mayor wants 0.487368 Bitcoin for first weeks on job

Rate this article

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading