NYC Mayor Undeterred by Falling Bitcoin Price, Says Buying the Dip Could Bring Good Profit” – Markets and Prices

New York City Mayor Eric Adams is undeterred 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's mayor gives tips on buying the dip

New York City Mayor Eric Adams is undeterred by the falling Bitcoin price. Adams, a former New York City police captain and Brooklyn borough president, took office as the 110th mayor of New York City on January 1.

He was asked by CNBC on Thursday if he has been paid in Bitcoin since he said he would do so last year take his first three paychecks in BTC.

Commenting on the price of Bitcoin this week and how it would have affected his paychecks if he had been paid in the cryptocurrency, New York City's new mayor laughed and said:

Sometimes the best time to buy is when things are going south. So if they go up again, you have made a good profit.

“Yes, I’m taking 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 leverage the technology of blockchain, Bitcoin. [and] all other technologies. I want New York City to be the center of this technology, so I'm looking forward to the first paycheck in Bitcoin."

At the time of writing the price is from BTC has fallen more than 13% in the last seven days. It is currently $41,364 based on data from Bitcoin.com Markets.

A few other US city mayors have said they want to be too paid with Bitcoin, including Mayor Francis Suarez of Miami, FL; Scott Conger of Jackson, TN; and Jane Castor of Tampa, FL.

Miami Mayor Suarez said last year that he would like to receive his entire salary in Bitcoin. He recently took over as president of the U.S. Conference of Mayors.

“I will ask my friends, my brothers and sisters, the mayors of this country to sign a mayoral crypto pact because we must lead without leadership,” he said on Monday. “We must ensure that our regulatory system embodies the success of the future rather than stifling success.”

What do you think of the New York mayor's stance on Bitcoin and his plan to get paid? BTC? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons