New York City Mayor Eric Adams revealed he faced ridicule for his 2022 decision to convert his first three paychecks into Bitcoin and Ethereum, a bold move to signal the city’s embrace of cryptocurrency. At the time, the crypto market was volatile, and skeptics mocked the mayor’s gamble as a publicity stunt.
“All I can say is, who’s laughing now?” Adams quipped during a recent interview, referencing the significant rebound in crypto prices. Bitcoin, which dipped below $30,000 when Adams took his crypto pay, has since surged past $100,000, while Ethereum has also seen substantial gains.
Adams, a vocal advocate for integrating blockchain technology into New York’s economy, used the opportunity to highlight his forward-thinking approach. “This city is about innovation, and I’m not afraid to take risks,” he said. While he didn’t disclose his exact gains, the mayor’s confidence suggests his crypto bet paid off handsomely.
The mayor’s comments come as New York continues to position itself as a hub for digital finance, with initiatives to streamline crypto regulations and attract blockchain startups. However, critics argue Adams’ crypto enthusiasm glosses over the market’s risks, pointing to the 2022 crash that wiped out billions in value.
For now, Adams is having the last laugh, but with crypto’s wild swings, the punchline may still be up for grabs.
