Can NYC Become The 'Crypto Capital Of The Globe'? Adams Flaunts Bitcoin Paycheck Gains
He said NYC will attract global talents and provide opportunities for underbanked communities
$BTC was trading at around $41,000 when Adams first converted his paycheck into Bitcoin and Ethereum
Bitcoin is now trading above $100,000 – 'Who's laughing now?' Adams said Monday
New York City Mayor Eric Adams on Monday bared his plans to turn the city into the "crypto capital of the globe," also flaunting how his first three paychecks that he converted into cryptocurrency back in 2022 have made significant gains.
During a Monday press briefing ahead of the city's first Crypto Summit, Adams vowed his goal remains the same in turning the city into the world's crypto hub.
"It is not the future. It is here, and it is here now," he said of the new financial era where digital assets are beginning to go mainstream. Turning NYC Into a Crypto Capital
In his address, Adams said his main goal is to provide more access to the city's financially underserved populations.
He said NYC has entered "the age of tokenization" and digital assets have become one of New York City's "fastest-growing industries."
To grow the city's economy and make sure NYC doesn't fall behind in the world's transition toward embracing digital assets, blockchain, and crypto assets, Adams said NYC will attract global talents in the space.
He projected that top talents from around the world and also "provide opportunities to underbanked communities and make government more user-friendly."
He noted how the "new form of financing" opens a path for underbanked New York city residents to have "historically" been lacking access to banks and other more traditional financial services.
He added that the city government will work with crypto and blockchain companies "to help them succeed," establishing a welcoming tone that could attract some top players in the sector. NYC Crypto Summit
As for the May 20 crypto summit, the first summit to be held in collaboration with the city government, Adams said it should demonstrate his administration's commitment to "partnership."
He said the summit will not only feature crypto innovators, but also crypto influencers and other advocates who will share their thoughts and insights on helping NYC chart its path toward its goal. Adams Flaunts Crypto Paycheck
Adams also mentioned how his converting of his first three paychecks into crypto has been three years since he made the decision.
Back in 2022, Adams utilized Coinbase to automatically convert his first paycheck into cryptocurrencies. His second and third paychecks as NYC mayor were also converted into crypto.
"As you remember, I supported crypto long before any of my mayoral peers. I was the first American mayor to have my initial three paychecks converted into crypto, way back in 2022. Many people laughed at me. Now all I can say is, 'Who's laughing now?'," Adams said.
In January 2022, when Adams had his first paycheck converted to Bitcoin and Ethereum, BTC prices were at around $41,000 while ETH prices were trading at around $3,000.
While Ethereum has fallen since then to around $2,400 as of late Monday, Bitcoin is trading above $100,000. If Adams didn't sell any of his BTC since his paycheck conversion, he has undoubtedly made gains on his Bitcoin.
Adams is also known for having suggested back in 2021 that crypto should be taught across NYC schools as he highlighted his dreams of turning the city into the center of tech and fintech innovation.
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