NYC mayor Eric Adams says his bitcoin investment is about sending a message that the city is open to new tech, sidestepping concerns about crypto plunge

markets.businessinsider.com:

AP Photo/Seth Wenig

New York City Mayor Eric Adams says converting his first paycheck into cryptocurrency is meant to symbolize his openness to technological innovation.

«The purpose of bitcoin is to send a message that New York City's open to technology,» he told CNN on Sunday. «We're going 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.»

The mayor's comments came amid a bloodbath across digital assets over the weekend, during which bitcoin plunged to a six-month low and fell below the $34,000 level, while ether slipped to its lowest since July to roughly $2,201. Other coins saw bigger downturns. 

«It's the same as when I invested in the stock market,» he told CNN when asked if he had any regrets. «We saw a drastic drop during 2018 and other times. When you're a long-term investor, you don't keep your eyes on your portfolio. You buy low and, hopefully, you get to the recovery that you desire.»

Adams on Friday received his first paycheck as the city's highest official, which he converted into bitcoin and ether via top US crypto exchange Coinbase. He pledged in November to do that with his first three paychecks.

The mayor was paid in US dollars, which he then converted into crypto before depositing them into his account. The extra step of converting is due to a labor regulation that does not allow New York City to pay its employees in digital assets. 

«I'm excited about the future of the city and I'm excited about bringing my young people who have been historically denied access to new technology,» he told CNN.