New York mayor, paid in Bitcoin, suggests buying the drop

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Newly sworn-in New York mayor Eric Adams is already using his influence to speak publicly about buying Bitcoin’s recent drop.

In an interview Thursday with CNBC’s Squawk Box, Adams said he has yet to receive his first paycheck as mayor of New York City, but reiterated his goal of making the city a hub of Bitcoin ( BTC) and crypto. When co-host Andrew Ross Sorkin pointed out that the price of the crypto asset had “gone down” – falling as low as $ 43,000 early Thursday – the New York mayor did not appear disheartened.

“Sometimes the best time to buy is when things go down, so when they go up you’ve made a good profit,” Adams said. “We have to use blockchain technology, Bitcoin, all other forms of technology. I want New York to be the center of that technology.

“Sometimes the best time to buy is when the going gets tough,” @NYCMayor says 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

Adams, who served five full days after an election victory in November, is replacing Bill de Blasio as mayor of New York. During his campaign, Adams pledged to make New York a tech hub that will be “the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins”, defeating the businessman crypto Andrew Yang to become the Democratic Candidate.

As part of his efforts to promote crypto and blockchain technology – or perhaps inspired by a friendly feud with Miami Mayor Francis Suarez – Adams announced after the election that he planned to cash his first three paychecks in BTC. Assuming the mayor of New York City accepts a base salary of $ 258,750, his monthly paychecks would be around $ 21,562 each, for a total of 1.51 BTC priced at $ 42,948.

Related: Miami Mayor Plans To Accept Next All-Bitcoin Paycheck

New York State is often the center of regulatory and enforcement media attention for crypto firms in the United States. The New York attorney general’s office was responsible for settling the case against Bitfinex and Tether, which in February agreed to pay $ 18.5 million in damages, and ordered Coinseed to shut down after the company is said to have defrauded investors of more than $ 1 million.

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