NYC Mayor Undeterred by Falling Bitcoin Price, Says Buying the Dip Could Yield ‘Good Profit’

The mayor of New York City, Eric Adams, is not deterred 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 Mayor Hints at Buying the Dip

The mayor of New York City, Eric Adams, is undeterred by the falling price of bitcoin. A former New York City police captain and Brooklyn borough president, Adams took office on Jan. 1 as the 110th mayor of New York City.

He was asked on CNBC Thursday whether he has been paid in bitcoin since he said last year that he will 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, the new mayor of New York City laughed and said:

Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.

“Yes, I’m going to take 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 use the technology of blockchain, 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 that first paycheck in bitcoin.”

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

A few other U.S. city mayors have said that they also want to be paid in bitcoin, including Mayors Francis Suarez of Miami, FL; Scott Conger of Jackson, TN; and Jane Castor of Tampa, FL.

Miami Mayor Suarez said last year that he wants to receive his entire salary in bitcoin. He recently accepted the role of the president of the U.S. Conference of Mayors.

“I’m going to ask my friends, my brothers and sisters, the mayors of this country to sign on to a mayoral crypto compact, because we need to lead in the absence of leadership,” he said Monday. “We need to make sure that our regulatory system embodies success into the future instead of stifling success.”

What do you think about the New York City mayor’s stance on bitcoin and his plan to get paid in BTC? Let us know in the comments section below.

Kevin Helms

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

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