Update (Dec. 4 at 9:25 pm UTC): This article initially reported that Mayor Adams made his comments at the groundbreaking ceremony of the American LGBTQ+ Museum. The comments appeared to have occurred at a press event after the ceremony.
New York City Mayor Eric Adams, currently facing wire fraud and conspiracy charges, appeared to mock members of the press over his Bitcoin holdings.
Speaking after an event at the American LGBTQ+ Museum on Dec. 3, Mayor Adams responded to a question about Tesla CEO Elon Musk’s potential role in the United States government, pivoting to the Bitcoin (BTC) he received while in office. The mayor said people “should not be afraid of Bitcoin” before appearing to mock viewers and attendees.
“Remember y’all laughed at me when I first got my Bitcoin — who’s laughing now?” said Adams. “Go look at my Bitcoin now. 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.”
Adams, who assumed office as the mayor of New York City in January 2022, announced after winning his election that he intended to accept his first three paychecks in Bitcoin. The price of BTC at the time of his announcement was roughly $61,000. The cryptocurrency has since surged to roughly $96,000, an increase of 57%.
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In September, US authorities indicted Adams on one count of conspiracy to receive campaign contributions from foreign nationals and commit wire fraud and bribery, one count of wire fraud, two counts of soliciting campaign contributions from foreign nationals, and one count of soliciting and accepting a bribe. If convicted and given the maximum sentences for each charge served consecutively, he could face decades in prison.
Competition for elected officials to adopt crypto
As mayor, Adams has often been a proponent of many policies favorable to digital assets, including promising to make New York City the “center of the cryptocurrency industry.” He also criticized legislation passed by the state’s government in 2022 that imposed a two-year moratorium on proof-of-work mining using non-renewable energy sources.
Adams’ offer to accept his paychecks in Bitcoin came in response to a social media challenge for elected officials to earn a crypto-based salary. Miami Mayor Francis Suarez, who won reelection in 2021, said he would accept his first paycheck in BTC, prompting Adams to say he would take the first three.
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