“Who’s Laughing Now?” NYC Mayor Boasts About Bitcoin Paychecks

“Remember y’all laughed at me when I first got my Bitcoin – who’s laughing now?”

In early 2022, Adams took his first three paychecks as New York City mayor in Bitcoin and Ethereum – a sum of crypto that would have equaled roughly $32,000 at the time, according to publicly available data.

Since then, Bitcoin has more than doubled in price and Ethereum has climbed some 40% in the same period.

This morning, Adams, currently facing wire fraud and conspiracy charges, appeared to mock attendees at the groundbreaking ceremony for a museum over his Bitcoin holdings. 

#IYKYK #FFTB

“You all mocked me, ‘You’re taking your first 3 paychecks in #Bitcoin, what’s wrong with you?’ Now you wish you would have done.”

NYC Mayor Eric Adams

pic.twitter.com/PtRMiGMhIb

— Steve | Crypto.com (@skalifowitz) December 4, 2024

As CoinTelegraph’s Turner Wright reports, speaking 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 Bitcoin he received while in office.

According to the mayor, people “should not be afraid of Bitcoin” then appeared 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%.

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 given the maximum sentences for each charge served consecutively, he could face decades in prison if convicted.

As mayor, Adams has often been a proponent of many policies favorable to digital assets, including promises 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.  

As with many subjects, Adams’ relationship to crypto is not without controversy.

A year after taking a chunk of his salary home in BTC and ETH, the mayor landed in hot water for failing to disclose his crypto holdings in a mandatory report filed with the city’s Conflict of Interest Board.