Eric Adams defends his intent to receive first three paychecks in bitcoin

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Eric Adams, the new­ly elect­ed may­or of New York City, told CNN’s “State of the Union” Sun­day that his plan to receive his first sev­er­al pay­checks in bit­coin is intend­ed to encour­age New York to become a “cen­ter of innovation.”

Catch up quick: Last week Adams, tweet­ed that he would take his first three pay­checks as may­or in the form of bit­coin, adding that New York City “is going to be the cen­ter of the cryp­tocur­ren­cy indus­try and oth­er fast-grow­ing, inno­v­a­tive industries!”

The big pic­ture: Adams lat­er told reporters that explor­ing the option of bit­coin pay­ments could lead to giv­ing New York­ers a “a choice of how they want to receive their pay­checks,” accord­ing to Bloomberg.

  • He added that some in the blockchain com­mu­ni­ty see the city as over­ly bureau­crat­ic, but that he wants to make it a hub for new tech­nolo­gies, per Bloomberg.

What they’re say­ing: “We’re going to look at it and we’re going to tread care­ful­ly. We’re going to get it right,” Adams said of his intent to explore using bit­coin for paychecks.

  • “This is the cen­ter of inno­va­tion, self-dri­ving cars, drone devel­op­ment, cyber­se­cu­ri­ty, life sci­ences. And so when I talked about blockchain and bit­coins, young peo­ple on the street stopped and asked me, what is that?” he added.
  • “I want to make sure that this city becomes a cen­ter of inno­va­tion, no mat­ter what that inno­va­tion is.”

Adams was san­guine when asked to respond to crit­i­cism of his deci­sion, not­ing that he is using his per­son­al funds and that “volatil­i­ty is part of some of the invest­ments that we make.”



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