Bitcoin adoption shows ‘New York is open to technology’, says mayor

Eric Adams has been influential in Bitcoin adoption in the city since his appointment earlier this month

Newly-inaugurated NYC mayor Eric Adams has doubled down on his positive outlook towards Bitcoin and cryptocurrencies by saying that the city is open to new technologies and is focused on encouraging younger residents to become more engaged in the industry.

Speaking to CNN on Sunday, Adams spoke about the conversion of his first month’s salary into Bitcoin and the longer-term implications of holding the asset before touching on the power of Bitcoin and cryptocurrencies to the residents of New York.

Adams said “when you’re a long-term investor, you don’t keep your eyes on your portfolio”, when first questioned if he had any regrets on his adoption of Bitcoin – indicating his foray into digital assets like Bitcoin isn’t a short-lived gimmick.

Adams then went on to say that the purpose of Bitcoin was to “send a message that New York City is open to technology” and that he wants to see a “large amount of new technology” introduced in NYC.

Finally, when touching on his commitment towards cryptocurrency education and learning opportunities to schools, Adams said he wished to “encourage our young people to be engaged in these new markets” and that he was “bringing my young people, who have been historically denied, access to new technology”.

Adams has since been influential following his January appointment in the adoption of Bitcoin thanks to his positive stance and willingness to accept the industry with open arms. Now, alongside Miami mayor Francis Suarez, the two look set to create major crypto ‘hubs’ within the US.

Unfortunately for Adams, since his November 4 commitment to accept Bitcoin for his first three paychecks, Bitcoin has dropped almost 50% from $60k to a current price of $34.2k.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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