New York City Mayor Eric Adams is reveling in Bitcoin’s recent price surge, which has seen its value more than double in 2024, reaching nearly $100,000. This remarkable rally represents a significant vindication for Adams, who faced considerable criticism for his early and public embrace of Bitcoin.
In a Tuesday press conference, Adams pointedly addressed his past detractors: “Remember y’all laughed at me when I first got my Bitcoin? Who’s laughing now?” This comment directly references the skepticism he encountered in January 2022 when he opted to receive his first three paychecks in Bitcoin and Ethereum. At the time, this decision was met with widespread ridicule, with some estimating the value of those payments to be around $30,000.
Bitcoin’s impressive year-to-date performance, coupled with Ethereum’s 63% rise to approximately $3,700, has significantly altered the narrative surrounding Adams’ initial decision. While he declined to disclose his current cryptocurrency holdings, his most recent financial disclosure statement indicates his Bitcoin assets were valued between $5,000 and $54,999 at the end of 2023.
“Go look at my Bitcoin now,” Adams challenged 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.” This triumphant tone underscores Adams’ belief in the long-term potential of cryptocurrencies.
Adams’ commitment to digital assets extends beyond personal investment. His decision to accept his salary in cryptocurrency was a strategic move to promote New York City as a leading hub for cryptocurrency innovation. This proactive approach aligns with Adams’ broader vision for the city’s technological and economic future.
Despite facing unrelated legal challenges, Adams’ stance on cryptocurrency remains unwavering. His early adoption of Bitcoin, initially a source of criticism, now serves as a testament to his forward-thinking approach.
Other prominent figures in public office have also embraced Bitcoin, including Miami Mayor Francis Suarez and Belgian parliament member Christophe De Beukelaer, both of whom have received salaries in the cryptocurrency. Neither has publicly commented on the recent price surge or their current holdings. However, Adams’ public pronouncements highlight the growing acceptance and mainstreaming of cryptocurrencies, particularly Bitcoin. This trend suggests that digital assets will likely continue to play an increasingly important role in the global financial landscape.
This renewed interest in Bitcoin, fueled by its substantial price appreciation, reinforces the ongoing debate surrounding its role as a store of value, an investment asset, and a potential disruptor to traditional financial systems.
