NYC’s Mayor Faces Criticism Over Converting His Salary Into Bitcoin

Eric Adams, who is the new Mayor of New York City has been facing criticism as he opted for converting his first paycheck into Bitcoin. But mostly the criticism was not about his demanding payment into Bitcoin but because the value of Bitcoin crashed considerably, making him lose almost 30% of his salary in USD.

Eric Adams became the new Mayor of the City of New York on New Year’s Eve. However, before he could prolong his celebrations, he had to deal with certain challenges which he wasn’t expecting. Firstly, the cases of the Omicron virus started to swell in his city followed by violent attacks on law officers and the general public.

As of today, however, Adams is seen to be in command of the situation but he made a move that attracted criticism from various quarters. While his first paycheck was due, he demanded that his salary should be paid to him in Bitcoin instead of USD. He further wished that his next two paychecks should also be paid to him in Bitcoin.

His request was accepted and he received his first paycheck which he converted into Bitcoin and Ethereum through the crypto platform, Coinbase. Soon thereafter, the crypto market crashed and as a result, Bitcoin as well as Ethereum, lost considerable amounts in their values. As per the estimates, his actual paycheck has lost more than 30% in value because of the crashing of Bitcoin and Ethereum markets.

Without wasting any time, critics started to raise criticism against Adams and his decision of demanding salary in Bitcoins. On Sunday, Adams was due to attend a CNN interview where he was faced with questions concerning his Bitcoin salary. He literally had to defend his decision by representing certain arguments.

At the interview, Adams said that he doesn’t regret his decision at all. Instead, he said that he is glad that he converted his first paycheck in Bitcoins. He suggested that this is exactly what had happened in 2018 when he had invested a handsome sum in the stock market. At that time also the market lost weight and many said to him that his investment was ruined. However, since his investment strategy is always on a long-term basis then market crashes do not affect at all. He argued that he knew, Bitcoin’s price is down and can reduce further but even then he made that decision. He said that he is in no hurry and would await a suitable time when he will be cashing out his cryptocurrencies.

Since he had received his first paycheck, Adams has been asked a similar question to comment about the declining value of Bitcoins. While defending his decision with logic, he stresses that message is clear which is that NYC has a special place for technology.

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