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

The mayor of New York City, Eric Adams, transformed his first paycheck into bitcoin and ether earlier than the value of the cryptocurrencies plummeted. However, the mayor mentioned, “When you’re a long-term investor, you don’t maintain your eyes in your portfolio.” He added that the aim of receiving a paycheck in bitcoin is to ship a message that New York City is open to know-how.

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 simply earlier than the value of the cryptocurrency sank.

Adams just lately converted his first paycheck into bitcoin and ether through Coinbase. He promised to take his first three paychecks in bitcoin.

He was requested if he had any regrets about changing his paycheck into cryptocurrency earlier than costs crashed. The mayor replied:

It’s the identical once I invested within the inventory market in my 401k. We noticed a drastic drop throughout 2018 and at different instances. When you’re a long-term investor, you don’t maintain your eyes in your portfolio. You purchase low and, hopefully, you get the restoration that you simply need.

This was not the primary time Adams was requested to remark about getting paid in bitcoin amid falling costs. In early January, he said: “Sometimes the perfect time to purchase is when issues go down, so after they return up, you’ve made a very good revenue.”

The mayor of New York City added:

The function of the bitcoin is to ship a message that New York City is open to know-how.

Adams additional opined: “We wish to see a considerable amount of new know-how within the metropolis of New York and encourage our younger folks to be engaged in these new rising markets. And I’m enthusiastic about the way forward for this metropolis and I’m enthusiastic about bringing my younger individuals who have been traditionally denied entry to new know-how.”

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