New York City, NY

Mayor Adams Hopes to Make NYC the Bitcoin & Crypto Capital

Genius Turner

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Could the "Big Apple" soon become the "Big Crypto"?(QuoteInspector.com)

Mayor Adams plans to make New York City the crypto capital of America

New York City — "Actions speak louder than words," goes the saying. So when the newly elected mayor expressed fondness for Bitcoin, Adams backed it up with plain ol' action.

According to the NY1 report:

Mayor Eric Adams said that he wants his paycheck to come in the form of Bitcoin (he later clarified that he'd convert a check into the cryptocurrency).

With the recent dip in the crypto asset, Mayor Adams offered a practical take.

"Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit,” Adams said. “We need to use the technology of blockchain, Bitcoin, of all other forms of technology. I want New York City to be the center of that technology.”

Surely the mayor's approach has left some traditionalists — still wedded to the "cash is king" view — scratching their heads. After all, crypto is considered "a high-risk investment." Ah, but is not every investment with a "high" upside risky, by definition?

The risk-return tradeoff is the principle at the heart of "greater the risk, greater the reward." Adams senses cryptocurrency is the wave of the future.

Perhaps Adams, like many proponents of the Bitcoin movement, hopes to shift the collective view of money, in general. After all, money merely symbolizes exchange value.

In short, just as a diner's menu is not the meal, a citizen's money is not the wealth. And in Mayor Adams' view — introducing a new "symbol of exchange" into NYC's general view of currency is the wave of the future.

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