New York Mayor Eric Adams mocked those who questioned his decision to receive his first three paychecks in bitcoin (BTC) during a press appearance on Tuesday, December 3. Adams took the opportunity to highlight how the United States is falling behind in the development of new technologies.
“Many of you laughed at me when you paid me in bitcoin. Who’s laughing now? Go check out my bitcoin holdings now. They made fun of me saying, ‘Are you going to take your first 3 checks in bitcoin?’ What’s the matter?’. Now, they wish they had done it.” stated Adams, laughing at his critics.
Adams’ comments come in a context in which BTC is up more than 120% this year and is trading above $95,000 at the close of this article.
In 2021, the newly elected Adams announced that he would receive his first three payments of his salary as mayor in BTC, following the example of Miami Mayor Francis Suárez, as reported by CriptoNoticias. At the time, he declared, “I will take my first three paychecks in bitcoin when I am mayor,” promising that New York would become “the center of the cryptocurrency industry.” This was in 2021, in the middle of the BTC bull run, when the currency reached $69,000 for the first time.
The salary of a mayor of New York exceeds $250,000 annually, or about $21,500 per month. That means that, in 2022, Adams accumulated just over 1 BTC, since at that time the asset was trading above $40,000. If Adams did not exit his holdings, as he suggests, He now has a fortune of more than $150,000.
Adams argued at the time that his decision to receive his salary in BTC was not only a personal bet, but a gesture to boost technological innovation in a city that has always been at the forefront of the global economy.
During his speech on Tuesday, Adams also highlighted the importance of embracing emerging technologies to improve the efficiency of municipal services and to attract investment and global talent. “New York is ready to lead in this new economic paradigm. “We need to think outside the box to ensure our city remains a center of excellence and opportunity,” he said.
Adams’ decision to receive his salary in cryptocurrency has been seen as both an innovative and controversial move, generating debate about the integration of cryptoassets in the government sphere. While some praise its futuristic vision, others criticize the inherent volatility of cryptocurrencies as a financial risk for a public official.
Adams used his speech to ask the citizens of New York and the entire country not to be afraid to explore and adopt new technologies, such as cryptocurrencies, or artificial intelligence (AI).
“I’m glad we have people willing to think outside the box to do the things we need to do. Why are we afraid of AI? We should not be afraid of AI. China is not afraid of him. We’ve been holding back. This is a racehorse that wanted to run at this pace and we’ve been holding him back for fear of being cancelled. And now there are a lot of people who are not afraid of being canceled,” Adams reflected.
This article was created using artificial intelligence and edited by a human Editor.
