New York City Mayor Eric Adams converts his first paycheck into cryptocurrency

New York City's new mayor, Eric Adams, plans to convert his first paycheck this week into two cryptocurrencies, which he has been hyping as a potential economic engine for the city.

His timing couldn't have been better. Cryptocurrency prices continue to decline with bitcoin dropping to a five-month low Friday at $38,568.18 a share. Etherium, the second largest cryptocurrency after bitcoin, fell more than 12.5%, trading at just below $2,800.