New York City Eric Adams faced both mockery and backlash for receiving his salary in Bitcoin at a time when the market was at its 6-month low. Many people project a further fall in prices before the market eventually stabilizes. Even then, no one can say with certainty whether Bitcoin will touch the $65k mark in this year. However, Adams does not seem to be bothered by potentially losing a lot of money in the crypto market. When a CNN interviewer asked him about it, he said that the stance of receiving salary in Bitcoin was not for monetary gains. Instead, it sends a message to the public that NYC is ready to welcome and embrace technology. He said that he wants the tech leaders of the world to identify NYC as the next hub of technology.
While many people and communities had their share of laughs from Adam’s misfortune, the mayor himself seemed unfazed. He added that he believes in the revolutionary capability of Bitcoin, and added that New York will soon be a center of crypto innovation.
In another separate development, it might soon become illegal for US lawmakers to participate in the stock market. As an extension of that law, lawmakers will also not be allowed to own cryptocurrencies. If the proposal gains traction and is implemented, it will lead to a significant credibility loss for the crypto community. Only a few public figures openly support crypto, and such a law would make that even more difficult.