NYC mayor getting paid in Bitcoin suggests buying the dip

Eric Adams, a newly elected mayor of New York City, is already making public statements about the recent Bitcoin dip.

CNBC’s Squawk Box interviewed Adams on Thursday. He said that he hadn’t yet received his first paycheck in his role as mayor of New York City. However, he reiterated his goal to make the city a Bitcoin and crypto hub. The NYC mayor was unaffected by Andrew Ross Sorkin’s comment that the crypto asset’s price had “come down” — dropping as low as $43,000 in the early hours of Thursday.

Adams stated that sometimes the best time to purchase is when things are going down. When they rise again, you make a good profit. “We must use blockchain technology, Bitcoin, and all other forms technology. New York City should be at the forefront of this technology.

“Sometimes, the best time to purchase is when things are going down,” @NYCMayor says on #bitcoin. “I’m going take my first three paychecks with #bitcoin. “I haven’t yet received my first check.”
— Squawk Box (@SquawkCNBC), January 6, 2022

Adams has been in office for five days after a November election win and is now taking over as mayor of New York City. Adams promised to make New York City a technology hub. He defeated Andrew Yang, a crypto-friendly businessman, to win the Democratic party nomination.

Adams declared that he would take three of his first three paychecks in Bitcoin as part of his efforts promote crypto and blockchain technology. If the NYC mayor accepts a salary base of $258,750 each month, that would mean his monthly paychecks will be approximately $21,562 each. That’s 1.51 BTC at $42,948.

Related: Miami mayor will accept his next paycheck completely in Bitcoin

New York is frequently the focal point of media attention regarding regulation and enforcement for crypto companies in the United States. Tether and Bitfinex were settled by the New York Attorney General’s Office. In February, Tether agreed to $18.5 million in damages and Coinseed was ordered to cease operations. The firm had allegedly defrauded investors of more than $1million.