The Mayor of New York City Confirms He Will Accept His First Three Paychecks in Bitcoin ($BTC)

Eric Adams, the mayor of New York City, has stated that he would get his first three paychecks in Bitcoin ($BTC). Adams took office as Mayor of New York City earlier this year.

The mayor addressed the pricing of the flagship cryptocurrency and his commitment to accept his first three paychecks in BTC during an interview with CNBC’s Squawk Box. As CryptoGlobe previously reported, Adams said that he would accept his first three paychecks in bitcoin prior to assuming office.

When asked whether he had gotten a bitcoin check and if he had been impacted by the cryptocurrency’s recent price decrease, Adams said that sometimes “the ideal time to invest is when things go down, so that when they go back up, you earn a nice profit.”

The mayor emphasised that he would actually get his first three paychecks in BTC, despite the fact that he has not yet received his first. According to him, cryptocurrencies and blockchain technology are critical, and he wants “New York City to be the epicentre of that technology.”

Last year, the mayors of Miami and Tampa, Florida, begged to get their salaries in the flagship cryptocurrency. Bitcoin’s impact has been growing in the United States, with Miami planning to split a “bitcoin dividend” from its cryptocurrency Miamicoin with its inhabitants.

The latest crypto market correction may be transitory, since equity markets and other assets are also down after the Federal Reserve’s announcement of a more hawkish attitude, implying that interest rates would rise sooner than anticipated and the central bank will begin shrinking its balance sheet.

As previously reported, BTC’s price might continue to erode gold’s market share in the so-called “store of value” market, according to Goldman Sachs experts who predicted BTC could reach $100,000 in the future.

Goldman Sachs researchers forecast last year that Ethereum’s ether, the second-largest cryptocurrency by market value, will reach $8,000 by the end of 2021. Ethereum’s price fell below $4,700 last year during a crypto market dip and is presently trading around $3,800, according to CryptoCompare statistics.

In June 2021, with the assistance of Galaxy Digital, the investment bank began trading Bitcoin futures on behalf of customers.

Also Read: A Nasdaq-Listed Company Is Introducing The ‘First-Ever’ Bitcoin Dividend