New York City Mayor Eric Adams slammed the criticism he faced after deciding to receive his first three paychecks in Bitcoin (BTC) and Ethereum (ETH) back in early 2022.
He made the statement during a Dec. 3 press conference, saying:
“Remember y’all laughed at me when I first got my Bitcoin. Who’s laughing now? Go look at my Bitcoin now. You all mock me. You’re taking your first three paychecks in Bitcoin. What’s wrong with you? Now you wish you would have done it.”
He also said people should not be afraid of Bitcoin and voiced his satisfaction with people willing to think outside the box on President-elect Donald Trump’s administration, like Elon Musk.
Additionally, when asked about the return on his Bitcoin paycheck, Adams explained that the amount is on his annual Conflicts of Interest Board (COIB) report, where the mayor must disclose his investments.
According to his 2023 COIB, Adams holds between $5,000 and $54,999.99 in BTC, considering the market value at the close of the reporting year. Based on Bitcoin’s 130% climb to a high of $99,600, Adams could hold roughly $110,000 worth of BTC.
On a broader approach to innovation, the New York Mayor also spoke on artificial intelligence (AI), stating that people shouldn’t be afraid of AI. He said the innovation push is a racehorse that the US is holding back “out of fear of being canceled.”
New York has generally taken a pro-crypto stance with some caveats. In January 2022, legislators introduced a bill to allow state entities to receive Bitcoin as payment. However, the bill did not encourage the use of BTC for commercial purposes.
Meanwhile, in June of the same year, the New York State Senate approved a bill that could ban Bitcoin mining. Recently, mining firm Greenidge won a legal battle to keep its operations in New York following the state’s Department of Environmental Conservation (DEC) denial of a Title V Air Permit application.
