Eric Adams says a number of young people have stopped him on the street to ask what Bitcoin is — and jokingly argued that explaining crypto simply is even tough for experts.
Schools should educate children about cryptocurrencies and blockchain technology, New York City's incoming mayor has said.
Eric Adams — who has already said that he plans to accept his first three paychecks in Bitcoin — is vowing to offer "friendly competition" with Miami in the quest to become America's most crypto-friendly city.
Speaking to CNN on Sunday, Adams said a number of young people have stopped him on the street to ask what Bitcoin is — and jokingly argued that explaining crypto simply is even tough for experts.
The mayor-elect defined it as a "new way of paying for goods and services throughout the entire globe," adding that schools should play a starring role in teaching this "new way of thinking."
But Adams was under no illusion that any move to make Bitcoin a bigger part of New York City's economy must be done cautiously, adding:
"We are going to look at it, and we are going to tread carefully. We are going to get it right."
'The Center of Innovation'
During his CNN interview, Adams passionately made the case for Bitcoin's potential.
However, the mayor-elect has faced staunch criticism from some economists — including Jason Furman, who served under Barack Obama. Reacting to Adams' decision to get his salary in Bitcoin, he tweeted:
"Not only is this a bad economic strategy for NYC and a bad investment decision, it also seems like a conflict of interest. Like a mayor announcing 'I'm buying a lot of Amazon stock and then going to put in place policies to benefit Amazon."
When asked for his response, Adams stressed that he's using his personal money how he sees fit — and that volatility is part and parcel of any investment:
"He has his analysis, I have my analysis. I want to make sure this city becomes a center of innovation — no matter what that innovation is. This is what the human spirit is about: Not being afraid to look at every area of innovation as we move our country and city forward."