Mayor Of New York Says Receiving Salary in Crypto Showcases His Openness to New Tech

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New York Mayor Eric Adams
New York Mayor Eric Adams

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.”