NYC Mayor Undeterred by Falling Bitcoin Price, Says Buying the Dip Could Yield ‘Good Profit’ – Markets and Prices Bitcoin News

The mayor of New York City, Eric Adams, is not deterred by bitcoin’s volatility, noting that buying the dip could yield “a good profit.” He reiterated that he will receive his first three paychecks in bitcoin and will make New York City the center of blockchain technology.

New York mayor suggests buying the Dip

Eric Adams, the New York City mayor, has no plans to be deterred by the declining price of bitcoin. Adams, a former New York City Police Captain and Brooklyn Borough President, was elected the 110th Mayor of New York City on January 1.

CNBC asked him Thursday if he had been paid bitcoin, since he stated last year that his three first paychecks would be in BTC.

The new mayor of New York City made a joke about the bitcoin price this week, and the impact it could have on his pay.

Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.

“Yes, I’m going to take my first three paychecks in bitcoin,” Adams confirmed, but noted, “I haven’t received my first check yet.”

He reiterated his crypto plans: “I think we need to use the technology of blockchain, Bitcoin, [and]All other types of technology. I want New York City to be the center of that technology so I’m looking forward to that first paycheck in bitcoin.”

The price of Bitcoin has dropped more than 13% in the last seven days, according to the current writing. Based on data from Bitcoin.com Markets, it is at $41,364

A handful of other U.S. mayors also stated that bitcoin payments are something they would like to receive, such as Mayors Francis Suarez in Miami, FL, Scott Conger from Jackson, TN, and Jane Castor, Tampa, FL.

Miami Mayor Suarez declared last year that he would like to get his whole salary in Bitcoin. Recently, Suarez accepted the position of president of U.S. Conference of Mayors.

“I’m going to ask my friends, my brothers and sisters, the mayors of this country to sign on to a mayoral crypto compact, because we need to lead in the absence of leadership,” he said Monday. “We need to make sure that our regulatory system embodies success into the future instead of stifling success.”

What do you think about the New York City mayor’s stance on bitcoin and his plan to get paid in BTC? Comment below to let us know your thoughts.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.