NYC Mayor Getting Paid in Bitcoin Suggests Buying the Dip

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Key Takeaways:

  • NYC mayor getting paid in bitcoin suggests buying the dip.
  • To the excitement of the crypto community, New York’s new mayor revealed shortly after winning a landslide victory in his mayoral election that he will take his first three paychecks in the world’s largest cryptocurrency.
  • In the footsteps of Miami Mayor Francis Suarez, he similarly promised to make New York “the centre” of the fast-growing business.
Nyc Mayor Getting Paid In Bitcoin Suggests Buying The Dip
NYC Mayor Getting Paid in Bitcoin Suggests Buying the Dip

New York City has just been voted in Mayor Eric Adams is already using his clout to talk about purchasing the recent Bitcoin drop in public.

Adams spoke with CNBC’s Squawk Box on Thursday. He stated that he had not yet received his first salary as mayor of New York City, but he restated his ambition of making the city a cryptocurrency and Bitcoin (BTC) hub. The mayor of New York City didn’t appear to mind when co-presenter Andrew Ross Sorkin mentioned that the price of the crypto-asset was “down” — as low as $43,000 earlier today.

                             “Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit,” said Adams. “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.”

Bill de Blasio will be replaced as mayor of New York City by Adams, who took office five days after winning the election in November. During his campaign, he promised to turn New York City into a tech powerhouse that would be the “hub of cybersecurity, the hub of self-driving vehicles, drones, and the hub of bitcoin,” defeating crypto-friendly entrepreneur Andrew Yang.

Following the election, Adams announced that he planned to collect his first three paychecks in Bitcoin as part of his attempts to promote crypto and blockchain technologies — or perhaps inspired by a friendly feud with Miami Mayor Francis Suarez.

If the mayor of New York City accepts a base salary of $258,750, his monthly payment would be around $21,562, totalling $42,948 BTC.

The state of New York is frequently at the centre of media attention when it comes to cryptocurrency regulation and enforcement in the United States. The New York Attorney General’s office was in charge of a settlement action involving Bitfinex and Tether, which agreed to pay $18.5 million in penalties and ordered Coinseed to close its doors after the agency allegedly scammed traders out of more than $1 million in February.

Advantages of Salary in Digital Currency:

  • Access to a worldwide labour market: Because crypto is borderless, you can work for anyone, no matter where you are in the world.
  • Bypass the banking system: Because crypto has no middlemen, it may be used by anybody. This covers the 1.7 billion people in the globe who do not have a bank account or simple access to sufficient banking services.

There are also plenty of compelling reasons to work for crypto. One of the main advantages is that you can accumulate assets that may appreciate rapidly over time. However, there are certain convincing benefits even if you choose to cash out your payment or receive stablecoins.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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