NYC Mayor takes pay cut as cryptocurrency market plunges

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Eric Adams received his first paycheck.

Alex Wong has a photo.

New York City Mayor Eric Adams is going ahead with his plan to take his first three paychecks in digital currency. The entire market cap of cryptocurrencies fell below $2 trillion on Friday after a 47 percent dive from its all-time high.

Adams' first check may be over if the market continues to decline.

Adams received his first paycheck yesterday, which was converted to cryptocurrencies. The New York Post reported that the NYC mayor gets about $5,900 a fortnight, which equates to about $258,750 a year. Adams didn't reveal how much of his $5,900 check is split between the two virtual currencies, but if the market continues to decline, the funds from his first check may quickly evaporate.

Mayor Adams said he would take his first three paychecks in the digital currency, just before it reached a record $69,000. Adams and the mayor of Miami agreed on the use of the virtual currency. Adams decided to get three paychecks in digital currency as part of his bid to turn NYC into the center of cryptocurrencies.

A number of high-profile figures take their paychecks in cryptocurrencies. Some of the players in the National Football League have decided to convert a portion of their salaries into cryptocurrencies. All three players switched over their salaries when the price of Bitcoin was at its highest last fall.