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.”