Bitcoin is best bought when prices are down according to Eric Adams, the new mayor of New York City. The mayor who disclosed in November that he would collect his first three paychecks as mayor in Bitcoin stated that he was “looking forward to that first paycheck in Bitcoin.”
He made the statement while speaking with CNBC today. When asked if he had collected any of his paychecks in Bitcoin since November or was still looking forward to receiving it as the price of Bitcoin was currently down, the mayor stated that he remains by his decision.
Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit, Adams said.
He added that he was yet to receive a pay as mayor of New York City as he just got sworn in on the 1st of January, and has been in office for just five days. However, he was looking forward to getting his first salary, and the next two after it in Bitcoins just like he stated in November.
Adams has ambitious plans for New York City and Bitcoin
In the course of the election campaigns, Adams distinguished himself to be a crypto-friendly candidate. Part of his campaign promises were that he would bring New York City up to speed with the digital age. One of the ways he wants to achieve this is by making the city a hub for blockchain technology and cryptocurrencies.
He reiterated this in the interview, stating that the city needs to use blockchain technology. He said:
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.
Adams agreed to receive his paychecks in Bitcoin as a result of this belief in the potential of blockchain technology to help his city. Adams has also revealed that he would like to follow the footsteps of the mayor of Miami, Francis Suarez, in creating a city centric cryptocurrency for New York. Remarkably, the challenge for US politicians to receive their paychecks in Bitcoin was first accepted by the mayor of Francis Suarez.
Adams’ unconcern about the price dip of Bitcoin is shared by a lot of Bitcoin investors. Bitcoin has experienced a flash crash, falling around 8% in the last 24 hours. From trading at around $46,600, Bitcoin has reached a price of around $42,700 – a price level last seen in September. The downward correction has been attributed to derivatives market liquidations by analysts. Over the last 24 hours, the Bitcoin market has seen over $323 million worth of liquidations.
The effects of the drop in the price of Bitcoin has also been felt across the crypto market as well. Many altcoins are in the red as their markets have also seen voluminous liquidations. Cross-crypto, over $892 million have been wiped off in market liquidations as over 226,000 traders were liquidated according to data from Coinglass.