New York City Mayor Eric Adams converted his first salary into bitcoin and ether before the price of cryptocurrencies fell. However, Meyer said, “when you’re a long-term investor, you don’t track your portfolio.” He said the purpose of receiving the pay in bitcoin is to send the message that New York City is open to technology.
NYC Mayor Converts Paychecks to Bitcoin and Ether Before Prices Drop
New York City Mayor Eric Adams answered some questions in an interview with CNN on Sunday about receiving his first paycheck in bitcoin before the cryptocurrency’s price rises.
Adams recently converted his first salary into bitcoin and ether via Coinbase. He promised to take his first three paychecks in bitcoin.
He was asked if he had any regrets about converting his salary to cryptocurrency before the price drop. The mayor replied:
It’s the same as when I invested in my 401k in the stock market. We saw huge declines during 2018 and at other times. When you are a long term investor, you do not track your portfolio. You buy short and hopefully get the recovery you want.
This was not the first time Adams was asked to comment about paying in bitcoin amid falling prices. 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.”
The Mayor of New York City said:
Bitcoin aims to send the message that New York City is open to technology.
Adams continued: “We want to see a great deal of new technology in New York City and encourage our youth to get involved in these new emerging markets. And I’m excited about the future of this city and I’m looking forward to the future of my people.” Excited to bring in youth who have historically been denied access to new technology.”
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