New York mayor is still a Bitcoin supporter urges buying during the dip

Eric Adams, the current mayor of New York, has urged people to buy the recent Bitcoin dip. Adams was recently sworn in as the mayor of New York after winning the November 2021 elections.

Adams became a sensation in the crypto charts after saying that he would receive his first three paychecks in Bitcoin. He has also announced plans to make New York a crypto hub.

Mayor urges dip-buying

Adams appeared in an interview with CNBC where he stated that he is yet to receive his first three paychecks in Bitcoin because he is yet to receive the first salary as the mayor of New York.

However, he has still shown his support towards his ambition to make New York a Bitcoin and crypto hub. Remarking on the recent dip in Bitcoin prices, Adams showed that he was not part of the crypto market that was panicking.

“Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit,” he said. “We need to use the technology of blockchain, Bitcoin, of all other forms of technology. I want New York City to be the centre of that technology.”

Adams has been officially holding his position as New York mayor for five days. He is taking over from Bill de Blasio, who is now the former mayor of NYC. During his campaign period, Adams promised that he would make New York a technological hub.

During one of his campaign speeches, Adams said he would like to be “the centre of cybersecurity, the centre of self-driving cars, drones, the centre of Bitcoins.”

After his reelection, Adams joined the mayor of Miami, Francis Suarez, in saying that he would receive his paycheck in Bitcoin. The mayor is paid an annual salary of $258,750, which means that his monthly salary will be around $21,562. As such, his first three paychecks will give him around 1.5 BTC at the current prices.

Crypto regulations in New York

Despite the positive stance taken by Adams regarding Bitcoin and cryptocurrencies in general, New York is still among the states with a tough regulatory framework.

The New York’s Attorney General’s office was involved in a case against Tether, the USDT stablecoin issue and Bitfinex. The two companies agreed on an $18.5 million settlement for damages. Additionally, the office ordered Coinseed to shut down after the firm was involved in an over $1 million fraud case.

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