Eric Adams was the New York City mayor. He converted his first salary into Bitcoin and Ethereum before the prices of cryptocurrencies plunged. However, the mayor said, “When you are a long-term investor, you don’t keep your eyes on your portfolio.” He added that the purpose of receiving a paycheck in bitcoin is to send a message that New York City is open to technology.
NYC Mayor Transforms NYC Paycheck into Bitcoin and Ether Prior to Prices Falling
Eric Adams, New York City’s Mayor, answered questions Sunday in a CNN interview about getting his first pay in Bitcoin just before it crashed.
Coinbase has recently helped Adams convert his initial paycheck to bitcoin and Ethereum. He said he’d convert his three first paychecks into bitcoin.
When asked about his regrets over converting his salary into cryptocurrency, he replied: He replied:
It’s the same when I invested in the stock market in my 401k. In 2018, we saw an extreme drop in stock market prices, as well as other periods. When you are a long-term investor, you don’t keep your eyes on your portfolio. Buy low, and you may get the recovery you want.
Adams wasn’t the only one to be asked about bitcoin prices falling and how he was able to get paid. In early January, he said: “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”
New York City’s mayor added:
It is intended to convey that New York City is open for technology.
Adams further opined: “We want 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. And I’m excited about the future of this city and I’m excited about bringing my young people who have been historically denied access to new technology.”
What do you think about NYC Mayor Eric Adams’ crypto comment? Please comment below.
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