Eric Adams defends his intention to receive the first three paychecks in bitcoin

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Eric Adams, the newly elected mayor of New York City, told CNN’s “State of the Union” on Sunday that his plan to receive his first paychecks in bitcoin was intended to encourage New York to become a “hub of cash”. ‘innovation”.

Catching up quickly: Last week Adams tweeted that he would take his first three paychecks as mayor in the form of bitcoin, adding that New York is “going to be the center of the cryptocurrency industry and other fast growing innovative industries! “

Big picture: Adams later told reporters that exploring the option of bitcoin payments could lead to giving New Yorkers “a choice of how they wish to receive their paychecks,” according to Bloomberg .

He added that some in the blockchain community see the city as too bureaucratic, but wants to make it a hub for new technologies, according to Bloomberg.

What They Say: “We’re going to take a look at it and we’re going to be cautious. We’re going to get it right,” Adams said of his intention to explore the use of bitcoin for paychecks.

“It is the center of innovation, autonomous cars, drone development, cybersecurity, life sciences. And so when I talked about blockchain and bitcoin, the young people on the streets stopped and asked me, what is this? ” he added. “I want to make sure that this city becomes a center of innovation, regardless of that innovation.”

Adams was optimistic when asked to respond to criticism of his decision, noting that he uses his personal funds and that “volatility is part of some of the investments we make.”

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