New York City Mayor Eric Adams, known for his unique public persona, recently spotlighted the significant growth in his Bitcoin (BTC) holdings during a press conference. The ongoing BTC price surge has prompted Adams to revisit a controversial decision he made upon assuming office.
NY Mayor Doubles Down on Support for Bitcoin
“Remember y’all laughed at me when I first got my Bitcoin,” Adams said, referencing his early decision to accept his first three paychecks in BTC and Ethereum (ETH) in January 2022. He sarcastically questioned, “Who’s laughing now?”
When Adams became mayor, he opted to convert roughly $30,000 of his salary into crypto. At the time, his move was both celebrated and criticized. His most recent financial disclosure statement from 2023 suggests his BTC assets were valued between $5,000 and $54,999 by the end of last year.
BTC price has since skyrocketed, gaining over 129% this year to approach the $100,000 mark. Ethereum, the second-largest crypto by market capitalization, has also seen significant growth, climbing 63% year-to-date to approximately $3,700. This indicates massive profits for Adams, however, the exact amount isn’t known yet.
“Go look at my Bitcoin now,” Adams remarked to reporters. “You all mock me. ‘You’re taking your first three paychecks in Bitcoin. What’s wrong with you?’ Now you wish you would have done it.”
NYC MAYOR IS PAID IN BITCOIN
“Y’all laughed at me when I first got my #Bitcoin. Who’s laughing now?” pic.twitter.com/xUjIAUX7uN
— Bitcoin Archive (@BTC_Archive) December 4, 2024
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While Adams declined to provide specifics about his current crypto holdings, his enthusiasm underscores his long-standing support for digital assets. His decision to embrace crypto upon taking office mirrored similar moves by other public officials, including Miami Mayor Francis Suarez and Belgian MP Christophe De Beukelaer, both of whom have also received salaries in BTC.
However, Adams’ remarks arrive amid personal legal challenges, as he faces bribery and campaign finance violation charges—allegations he denies. Despite these controversies, his vocal support for cryptocurrency remains a key feature of his public image.
Strategic BTC Reserve in Making
As Adams revels in the gains from his crypto investments, broader discussions about Bitcoin’s role in the economy are gaining momentum. Former President Donald Trump has floated the idea of launching a strategic BTC reserve if re-elected, targeting January 2025 for the initiative. This aligns with Senator Cynthia Lummis’ proposed Bitcoin Act, which aims to formalize crypto’s integration into U.S. financial systems.
Meanwhile, Francis Suarez and Christophe De Beukelaer have yet to comment on whether they share Adams’ celebratory stance during BTC’s current bull run. Both officials were early adopters of crypto salaries, yet their enthusiasm for the recent market rally remains unclear.
With Bitcoin flirting with record highs and possibility of a BTC reserve in the U.S. , Adams’ statements have reignited debates around the viability and risks of integrating cryptocurrencies into public life. Nonetheless, these narratives are expected to work in favor of BTC with analysts expecting a further price appreciation to the $100,000 level.
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