NYC mayor feeling no regrets to accept salary in Bitcoin, amid correction

On Jan 24, 2022

New York City Mayor Adams successfully received his first salary partially in Bitcoin, as he pledged.

Mayor Adams is one of the Mayors in US Politicians, who decided to accept his salary in Bitcoin. However, the initiative of Eric Adam to support bitcoin was started with a political agenda but here he is doing his best to support Bitcoin in every aspect.

Last Friday the NYC mayor accepted his salary in Bitcoin. 50% of his salary was in Bitcoin and the rest of it was in US dollars he used a bitcoin service provider company Coinbase.

On Saturday, we saw that a huge correction in the price of Bitcoin took place because of a market crash (stock and crypto). This resulted in a significant loss for Eric Adam. But still, the Mayor is not worried about it.

During an interview, when the Mayor was asked about what he thought about the 15% correction in Bitcoin price, how much he lost.

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Then-Mayor said that

“It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.”

Asked if he has any regrets about getting his first paycheck in Bitcoin since the market for it has gone down pretty drastically, Eric Adams says "the purpose of the Bitcoin is to send a message that NYC is open to technology." pic.twitter.com/5jiTeNN7j9
— Aaron Rupar (@atrupar) January 23, 2022

This statement by the NYC Mayor touched the heart of almost every Bitcoin believer because here the Mayor is not worried about the price of Bitcoin, he is in support of this technology. And also he is excited to bring more young generations to Bitcoin.

This statement of the New York Mayor is much similar to the Ark invest CEO Cathie wood. Recently Cathie appeared in an interview and she supported the ideal decision of El Salvador president Nayib Bukele on Bitcoin and also asserted that here we should not see the correction in the Bitcoin prices, instead we should see what is the potential of Bitcoin technology to give financial services through mobile directly.