The Mayor of New York finally receives his salary in Bitcoin (BTC)
The Mayor of New York finally receives his salary in Bitcoin (BTC)

Freshly elected mayor of New York City, Eric Adams said last November that he was ready to receive his first three paychecks in bitcoin. Two months later, this bold move is now in effect as the cryptocurrency is at its worst. Details in the following.

A transaction made via Coinbase

Last Thursday, Mayor Adams posted a video on Twitter in which he announced that he would finally receive his first paycheck. This will be converted into bitcoin and ether through Coinbase, the main cryptocurrency exchange in the United States. Indeed, it is impossible for the city of New York to pay its mayor directly in cryptocurrencies in accordance with the regulations of the Department of Labor of the United States. Eric Adams thus becomes the second pro-crypto mayor to take his salary in cryptocurrencies after Miami Mayor Francis Suarez.

It is important to note that when Mayor Adams made his pledge, the cryptocurrency market was experiencing a bull run having driven bitcoin to an all-time high. However, the asset has currently lost nearly half its value and is trading slightly above the $35,000 mark. Despite this impressive drop, the mayor of New York does not seem perturbed and has decided to honor his promise. In one of his recent statements, he expressed his desire to make New York the center of global innovation in the world of finance.

A great buying opportunity

Earlier this year, Mayor Adams had already reaffirmed his intention to receive his salary in bitcoin as the cryptocurrency struggled to recover the $50,000 mark. In fact, he had stated that the downward trend represents a great buying opportunity for cryptocurrency supporters. "Sometimes the best time to buy is when prices are falling. So when they go back up, you take advantage of it," he assured.

The act by the New York City mayor is in line with widespread adoption by individuals and institutions around the world. However, critics of cryptocurrencies point to the current movement in bitcoin prices as one of the risks associated with the adoption of digital assets as a payment method.

The mayor of New York City has just proved his commitment to bitcoin in the most beautiful way during this particularly difficult time for the cryptocurrency. He should be logically rewarded as bitcoin resumes its run to the top.

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Nathan George

Blogger and Influencer

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