New York Mayor Eric Adams Enthusiastic About Taking His Salary In Bitcoin Despite The Slump

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New York Mayor Eric Adams Enthusiastic About Taking His Salary In Bitcoin Despite The Slump For Hannah Perez

The mayor, who took office this week, defended the takeover of Bitcoin on the downside and reiterated his intention to receive his first three salaries in the cryptocurrency.


The newly elected mayor of the city of New York, in the United States, Eric Adams, does not seem concerned that he will receive his salary in Bitcoin in the midst of a massive price crash.

Adams had announced in November plans to receive his first three salaries as a government official entirely in cryptocurrency. The politician shared his intention in a tweet in response to a message from the mayor of Miami, Francis Suárez, who had previously informed his decision to receive his payroll in Bitcoin.

However, since that announcement, the leading digital currency has pulled back severely. Bitcoin it has fallen nearly 40% since reaching an all-time price high near $70,000 in November. The cryptocurrency was trading around $50,000 during December, but at the beginning of the year it has plummeted. At the time of editing, BTC is trading at USD $42,900 amid a widespread downtrend for the entire cryptocurrency market.

Good time to buy -or receive- Bitcoin

But for the mayor of the Big Apple, the latest price correction does not seem to be a problem. In an appearance on CNBC this Thursday, Adams shared an argument in favor of acquiring Bitcoin down.

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The politician was consulted by the presenter of the program “SquawkBox“, Andrew Ross Sorkin, on his perspective on the crypto market crash and his intention to receive his salary in Bitcoin, to which he replied:

Sometimes the best time to buy is when things are going down, so when they come back up you make a nice profit.

Adams, who was elected as mayor at the end of last year and took office in early January, indicated that he has not yet received his first nominal payment; but reiterated his plans to take his first three checks at Bitcoin.

But yeah, I’m going to take my first three paychecks in Bitcoin. I haven’t received my first check yet, but I think we need to use Blockchain technology, Bitcoin and all other forms of technology. I want New York City to be the center of that technology. So I look forward to the first paychecks in Bitcoin“, He said.

Mayor of New York is committed to crypto

as reported DailyBitcoin, Adams is not the first American politician to make the decision to receive his salary in Bitcoin. Before him, his counterpart in Miami promoted the same initiative. Suárez spoke out in favor of cryptocurrencies on several occasions during 2021 and is promoting initiatives to promote the adoption of cryptocurrencies. Bitcoin and its underlying technology in Miami.

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Also the mayor of Tampa, Jane Castor, promised in November to receive her salary in the famous cryptocurrency. The move comes amid what appears to be a widespread payroll trend in Bitcoin. In addition to politicians, some well-known US athletes have also recently opted to receive their payments in the digital currency.

The mayor of New York, a former police captain, has echoed Suárez’s strategy to turn the city into a Bitcoin hub. Adams had shared the proposal during a speech in the June primary.

We will become the center of life sciences, the center of cybersecurity, the center of autonomous cars, drones, the center of Bitcoin, we are going to be the center of all technology”, he promised at the time. Then, after his appointment, he argued that schools in the Big Apple should teach about innovative technologies, such as crypto and blockchain. The politician has also hinted that his administration could allow local businesses to accept bitcoin and other digital assets as a form of payment.

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Sources: U.Today, archive

Article by Hannah Estefanía Pérez / DailyBitcoin

Unsplash image edited in Canva

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