New York City’s Mayor Eric Adams, who is currently facing indictment on charges of wire fraud and conspiracy, recently stirred the pot with his remarks about Bitcoin, seemingly addressing earlier doubts from his critics.
Bitcoin Remarks and Personal Journey
During an event at the American LGBTQ+ Museum on December 3rd, Adams was asked about the influence of Tesla CEO Elon Musk within the U.S. government. Rather than stick to the topic at hand, he pivoted to share his own journey with Bitcoin. He emphasized that people shouldn’t be afraid of the cryptocurrency, hinting that those who mocked him in the past may now be rethinking their views.
Adams recalled the laughter he faced when he chose to receive his first paychecks in Bitcoin. He suggested that the tide may have turned, especially given the remarkable rise in Bitcoin’s value since then. Reflecting on his decision’s timing, he noted that he started off when Bitcoin was trading at about $61,000, while it now sits around $96,000—highlighting an impressive increase.
Advocacy for Cryptocurrency
Taking office in January 2022, Adams made headlines by proclaiming he would receive his first three paychecks in Bitcoin. This move not only demonstrated his dedication to cryptocurrency but also aligned with his vision of positioning New York City as a leading center for digital assets.
However, his initiatives have faced challenges, especially with ongoing legal issues. In September, federal prosecutors unveiled serious charges against him, including conspiracy and several counts for allegedly soliciting foreign campaign donations. If convicted on all charges, he could face a lengthy prison sentence.
Challenges and Future Initiatives
Throughout his administration, Adams has pushed several initiatives to foster cryptocurrency adoption. He notably took a stand against state legislation aimed at restricting proof-of-work mining that relies on non-renewable energy. His commitment to accepting Bitcoin as salary initially stemmed from a playful social media challenge, inspiring other elected officials—like Miami’s Mayor Francis Suarez—to consider crypto as a viable payment option.
Source: Cointelegraph
