NYC mayor defends crypto salary despite subsequent selloff

• Updated

Eric Adams said: “When you’re a long-term investor you don’t keep your eyes on your portfolio”

The newly elected mayor of New York has defended his decision to be paid partly in bitcoin and ether, as the cryptocurrency market continues to shrink in value. 

Last week, Democratic politician Eric Adams announced that his first paycheck, which arrived on January 21, would be automatically converted into cryptocurrency. 

Adams stated: “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.” 

Crypto selloff

In the four days since this statement, the capitalisation of the total cryptocurrency market has fallen from $1.96trn (£1.45trn) to $1.53trn, according to CoinMarketCap

In the same period, bitcoin, the world’s first and largest cryptocurrency, has sunk by almost 17% to $33,798, while ether has plunged by nearly 25% to $2,254.

Adams HODLs

Speaking to CNN on Sunday, Adams was asked how much money he has lost amid the current selloff and whether he has any regrets. 

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In response, the former police captain and state senator stated: “It’s the same when I invested in the stock market in my 401K. 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 the recovery that you desire.”

Adams added: “The purpose of the Bitcoin [move] is to send a message that New York City is open to technology. You are 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. I’m excited about the future of this city and I’m excited about bringing my young people who have been historically denied access to new technology.” 

Technology consolidation

The mayor recently signed an executive order consolidating all city technology agencies under a new Office of Technology and Innovation.

New York’s chief technology officer Mathew Fraser said that the new office “will streamline technology operations across the city and revolutionise how New York City does business, as well as how the city provides services to its residents and visitors.”

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