The mayor, who took office this week, defended the acquisition of Bitcoin to the downside and reiterated his intention to receive his first three salaries in the cryptocurrency.
The recently elected mayor of New York City, in the United States, Eric Adams, does not seem concerned that he will receive his salary in Bitcoin in the midst of a massive price crash.
Adams had announced plans in November to receive his first three salaries as a government official fully in cryptocurrency. The politician shared his intention in a tweet in response to a message from Miami Mayor Francis Suárez, who had previously informed his decision to receive his payroll in Bitcoin.
However, since that announcement, the major digital currency has severely regressed. Bitcoin it has fallen almost 40% since it reached a historical high of close to USD $ 70,000 in November. The cryptocurrency was trading around $ 50,000 during December, but at the beginning of the year it has plummeted. By the time of editing, BTC is trading at USD $ 42,900 amid a widespread downtrend for the entire cryptocurrency market.
Good time to buy -or receive- Bitcoin
But for the mayor of the Big Apple, the latest price correction does not seem to be a problem. In an appearance on CNBC this Thursday, Adams shared an argument in favor of acquiring Bitcoin downward.
The politician was consulted by the presenter of the program “Squawk Box“, Andrew Ross Sorkin, on his perspective on the crypto market crash and his intention to receive his salary in Bitcoin, to which he replied:
Sometimes the best time to buy is when things go down, so when they go up again, you make a nice profit.
Adams, who was elected as mayor at the end of last year and took office in early January, indicated that he has not yet received his first nominal payment; but reiterated his plans to take his first three checks in Bitcoin.
“But yes, I am going to take my first three paychecks in Bitcoin. I haven’t received my first check yet, but I think we need to use Blockchain technology, Bitcoin, and all other forms of technology. I want New York City to be the center of that technology. So I’m looking forward to the first paychecks in Bitcoin“, He said.
“Sometimes the best time to buy is when things go down,” says @NYCMayor on #bitcoin. “I’m going to take my first three paychecks in #bitcoin. I haven’t received my first check yet. ” pic.twitter.com/dqGkVYxOKg
– Squawk Box (@SquawkCNBC) January 6, 2022
New York Mayor Is Committed To Crypto
As reported Daily bitcoin, Adams is not the first American politician to make the decision to receive his salary in Bitcoin. Before him, his counterpart in Miami promoted that same initiative. Suárez spoke out in favor of cryptocurrencies repeatedly during 2021 and is promoting initiatives to drive the adoption of Bitcoin and its underlying technology in Miami.
Also the mayor of Tampa, Jane Castor, pledged in November to receive her salary in the flagship cryptocurrency. The move comes amid what appears to be a widespread trend of payroll payments in Bitcoin. In addition to politicians, some well-known athletes from the US have also recently opted to receive their payments in digital currency.
The mayor of New York, a former police captain, has echoed Suarez’s strategy to turn the city into a Bitcoin hub. Adams had shared the proposal during a speech at the June primary.
“We will become the center of life sciences, the center of cybersecurity, the center of autonomous cars, drones, the center of Bitcoin, we are going to be the center of all technology “, he promised at the time. Then, after his appointment, he argued that schools in the Big Apple should teach about innovative technologies, such as crypto and Blockchain. The politician has also hinted that his administration could allow local businesses to accept bitcoins and other digital assets as a form of payment.
Sources: U.Today, archive
Article by Hannah Estefanía Pérez / Daily bitcoin
Unsplash image edited in Canva