ERIC ADAMS made headlines around the world when he announced he would be taking his first three pay checks as New York City Mayor in Bitcoin.
But what’s the story behind his success? And what’s his net worth?
Who is Eric Adams?
Eric Adams was born on September 1, 1960 in Brooklyn, New York.
He grew up in a rat-infested apartment in the city with his mother, who worked double shifts as a cleaner, and his alcoholic father.
At the age of 24, in 1984 he graduated from the New York City Police Academy. He became driven to join the police service after witnessing racism within the police force while young.
Detained by police as a teenager, he witnessed two white officers beating up a Black boy under arrest. The attack only stopped when a Black policeman intervened.
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He became determined to join the NYPD in a bid to help reform the culture of the police department.
Adams served in the NYPD for 22 years before he entered politics.
In 2006 he was elected to the New York State Senate and served four terms before becoming Brooklyn Borough President in 2013.
In 2020 he was elected as New York City Mayor and was sworn into the position at the start of 2021.
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Eric Adams on Bitcoin
Eric Adams announced in November 2020 that upon becoming New York City Mayor in January 2021, he would take his first three pay checks in cryptocurrency.
He made his announcement while Bitcoin’s price was at a record high go $69,000. However, in the three months that followed, the cryptocurrency’s price dropped by 47 per cent to fall below $36,000.
The New York City Mayor’s earns a salary of $258,750 a year, paid in biweekly pay checks of about $5,900.
In a statement released 24 hours before his first payment, Adams said he was not backing down on his decision to take his money in Bitcoin, with the money automatically converted into cryptocurrency via the Coinbase exchange.
“New York is the centre of the world, and we want it to be the centre of cryptocurrency and other financial innovations,” he said.
“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.”
Despite the crypto crash in 2022, Adams has continued to stand by his endorsement of the sector.
He said November 2022: “These industries are not going to go away because they reached a low point.
“This is an industry that we must embrace.”
What is Eric Adams’ net worth?
Eric Adams is thought to have a net worth of $5million. His net worth is thought to be formed mainly from his initiatives outside of his political career rather than from his salary as Mayor of New York City.
