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NYC Mayor Eric Adams Defends Receiving Paycheck in Bitcoin as Price Crashes

The mayor of New York City, Eric Adams, converted his first paycheck into bitcoin and ether before the price of the cryptocurrencies plummeted. However, the mayor said, “When you are a long-term investor, you don’t keep your eyes on your portfolio.” He added that the purpose of receiving a paycheck in bitcoin is to send a message that New York City is open to technology.

NYC Mayor Converted Paycheck Into Bitcoin and Ether Before Prices Tanked

New York City Mayor Eric Adams answered some questions in an interview with CNN Sunday about receiving his first paycheck in bitcoin just before the price of the cryptocurrency sank.

Adams recently converted his first paycheck into bitcoin and ether via Coinbase. He promised to take his first three paychecks in bitcoin.

He was asked if he had any regrets about converting his paycheck into cryptocurrency before prices crashed. The mayor replied:

It’s the same when I invested in the stock market in my 401k. We saw a drastic drop during 2018 and at other times. When you are a long-term investor, you don’t keep your eyes on your portfolio. You buy low and, hopefully, you get the recovery that you desire.

This was not the first time Adams was asked to comment about getting paid in bitcoin amid falling prices. In early January, he said: “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”

The mayor of New York City added:

The purpose of the bitcoin is to send a message that New York City is open to technology.

Adams further opined: “We want to see a large amount of new technology in the city of New York and encourage our young people to be engaged in these new emerging markets. And I’m excited about the future of this city and I’m excited about bringing my young people who have been historically denied access to new technology.”

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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