NYC’s Mayor Invests First Paycheck in Cryptocurrency

NYC’s Mayor Invests First Paycheck in Cryptocurrency

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14/03/2022 by Koinal
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NY Mayor Eric Adams wants to see New York City become a hub for cryptocurrency and blockchain-based financial tools. The Mayor supports cryptocurrency adoption for its potential benefits to the NYC economy. He will invest his first paycheck in cryptocurrency to demonstrate his commitment.
NYC's Mayor

NY Mayor Eric Adams wants to see New York City become a hub for cryptocurrency and blockchain-based financial tools. The Mayor supports cryptocurrency adoption for its potential benefits to the NYC economy. He will invest his first paycheck in cryptocurrency to demonstrate his commitment.

Adams Is in the Vanguard

As with many other issues in NY politics, Mayor Adams is taking a leadership position. He points to cryptocurrency as a new and vital source of economic growth, jobs, and wealth-building opportunity. While others focus on the official policy, Mayor Adams chose to set a personal example. His first paycheck will go to cryptocurrency. Then, Mayor Adams will convert the funds to Bitcoin and Ethereum.

The Government is Neutral

The city government does not pay employees in cryptocurrency, and current laws do not permit this payment type. Official voices cite the history of cryptocurrency that offers gains and risks of loss. While other agents point to the volatility and risk of cryptocurrency, Adams opined that he lost money in the stock markets during crashes and to retirement funds. In his view, volatility is an unavoidable risk when investing.

In a Race with Miami

Mayor Adams is not alone in pursuit of the best Crypto City title; Miami’s Mayor Francis Suarez converts his salary to Bitcoin and, like Mayor Adams, urges his city to be more involved with cryptocurrency. Suarez is Chair of the US Conference of Mayors and has urged city leaders to follow his example in promoting cryptocurrency.

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