Newly-elected New York City mayor Eric Adams has confirmed that he will be taking his first three paychecks in Bitcoin. He also made a pitch for buying the dip, given the current prices of BTC and other cryptocurrencies.
Mayor Adams has been very vocal about his support for Bitcoin and blockchain technology, stating that he aims to make New York a crypto hub.
Buy The Dip
Speaking during an interview with CNBC’s Squawk Box, the new mayor said that he had not received his first paycheck as yet, but outlined his intention to take his first three paychecks in Bitcoin. He also reiterated his promise in the run-up to the elections, stating that he fully intends to make the city a Bitcoin and Crypto hub.
When Andrew Ross Sorkin drew Adam’s attention to the current price of Bitcoin, which has seen a considerable drop, the mayor was unfazed, going on to say,
“Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit. “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.”
Making New York A Tech Hub
Adams replaces Bill de Blasio as the mayor of New York after winning November’s elections. In his campaign, Adams had promised to make New York a tech hub, making it the center of cybersecurity, self-driving cars, Bitcoin, and blockchain. The campaign promises helped Adams edge out Andrew Yang, a crypto-friendly businessman, to become the Democratic Party nominee. Mr. Adams has also advocated schools to incorporate crypto in the school curriculum, adding that students should be taught about cryptocurrencies and the new developments that could be brought about by blockchain technology and digital assets.
As soon as he was elected, he announced that he would be taking his first three paychecks in BTC, enabling him to receive over 1 BTC at current prices. New York has also been at the center of a storm related to the regulation of crypto firms, with the New York Attorney General’s office settling the case against Tether and Bitfinex, who agreed to pay $18.5 million in damages. The AG’s office also ordered Coinseed to shut shop after it allegedly defrauded its investors of $1 million.
A temporary downturn
Most analysts suggest that the current downturn is temporary, with other asset classes and equity markets also experiencing a similar downturn, with markets spooked by the Federal Reserve’s hawkish stance. It is expected that the Federal Reserve will be raising interest rates and cutting its balance sheet down to size.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.