Eric Adams, New York City Mayor says that receiving his first paycheck in cryptocurrencies showcases his openness to technological innovation.
“The purpose of bitcoin is to send a message that New York City’s open to technology,” he told CNN on Sunday. “We’re going 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.”
Adams’ comments came amid a cryptocurrency market crash over the weekend. The bearish market caused Bitcoin to plummet to a six-month low, shedding 50% from its all-time high price of November. As of this moment, Bitcoin is trading around $34,000, while Ether — the second-largest crypto by market cap plummeted to its lowest since July to around $2,200. Meanwhile, altcoins saw a bloodbath across the market with losses going as high as 90%.
“It’s the same as when I invested in the stock market,” he told CNN when asked if he had any regrets. “We saw a drastic drop during 2018 and other times. When you’re a long-term investor, you don’t keep your eyes on your portfolio. You buy low and, hopefully, you get to the recovery that you desire.”
On Friday, Adams received his first paycheck as New York’s highest official. The Mayor converted his earnings into Bitcoin and Ether via the largest cryptocurrency exchange Coinbase. Adams has promised to do the same with his first three paychecks in November.
The mayor was paid in US dollars, which he then converted into crypto before depositing them into his account. The extra step of converting is due to a labor regulation that does not allow New York City to pay its employees in digital assets.
“I’m excited about the future of the city and I’m excited about bringing my young people who have been historically denied access to new technology,” he told CNN.