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New York City Mayor Eric Adams converted his first paycheck to bitcoin and ether before the price of cryptocurrencies plummeted. However, the mayor said: ‘When you’re a long-term investor, you don’t keep your eyes on your wallet. He added that the purpose of receiving a bitcoin paycheck is to send a message that New York City is open to the technology.
New York Mayor Converted Paycheck to Bitcoin and Ether Before Prices Crashed
New York City Mayor Eric Adams answered some questions in an interview with CNN on Sunday about receiving his first bitcoin paycheck just before the cryptocurrency’s price plummeted.
Adams recently converted his first paycheck to bitcoin and ether through Coinbase. He promised to take his first three paychecks in bitcoin.
He was asked if he regrets converting his salary to cryptocurrency before prices crashed. The mayor replied:
It’s the same when I invested in the stock market in my 401k. We saw a drastic drop in 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 get the recovery you desire.
This wasn’t the first time Adams had been asked to comment on getting paid in bitcoin amid falling prices. In early January, he said, “Sometimes the best time to buy is when things are going down, so when they go up you’ve made a good profit.”
The Mayor of New York added:
The purpose of bitcoin is to send a message that New York City is open to technology.
Adams added, “We want to see a lot of new technology in New York City and encourage our young people to engage in these new emerging markets. And I’m excited about the future of this city and I’m excited to bring my young people who have always been deprived of access to new technologies.
What do you think of New York City Mayor Eric Adams’ crypto commentary? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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