New York mayor Eric AdamsAccording to , the best time to buy Bitcoin (BTC) is “downtime”. Announcing in November that as mayor he will collect his first three paychecks in Bitcoin, the mayor stated that he is “looking forward to the first paycheck in Bitcoin.”
Speaking to CNBC, Adams replied that he is “still confident in his decision” when asked about whether he is “still looking forward to his salary these days when Bitcoin is falling.”
“Sometimes the best time to buy is when the price drops so you can make a good profit when it goes up again,” Adams said.
Adams, who took the oath of office on January 1, 2022, added that he has not yet received any salary as mayor of New York. However, as Adams stated earlier, he received all of his first three salaries. Bitcoin (BTC) will receive as
Adams Has Ambitious Plans for New York and Bitcoin
Adams has consistently stood out as a crypto-friendly candidate during his election campaigns. Some of Adams’ campaign promises were about accelerating New York City’s transition into the “digital age.” One way to achieve this, according to Adams, is to blockchain technology and making it a hub for cryptocurrencies.
Adams renewed these words during the interview and noted:
“I think we should use blockchain technology, Bitcoin and all other forms of technology. I want New York City to be the center of this technology.”
As a concrete proof of this technological progress, Adams announced that he would receive his first three salaries in BTC. As KoinFinans, as we have told you before, Eric Adams wants to follow the crypto steps taken by the mayor of Miami, Francis Suarez in the city. As it will be remembered, Francis Suarez is among the first politicians to announce that he will receive his salary in BTC.
Adams’ concern about Bitcoin’s price drop is also shared by many Bitcoin investors. Bitcoin has had a flash crash of about 8% in the last 24 hours. Bitcoin, which was traded around $ 46,600, reached a price of $ 42,700, a price level that was last seen in September, after this drop. The downside correction was attributed to derivatives market liquidations by analysts. In the past 24 hours, the Bitcoin market has seen over $323 million liquidated.
The effects of the drop in Bitcoin price were also felt in the crypto market. Many altcoins are painted red as the markets are seeing voluminous liquidations in other altcoins. The crypto market has seen over $892 million in liquidation, as more than 226,000 traders have been liquidated, according to Coinglass data.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.