New York City Mayor Eric Adams made a compelling case for Bitcoin dip-buying and wants New York to be the center of crypto and blockchain.
Eric Adams Makes Case for Buying Bitcoin Dip
During a Thursday presentation on CNBC, New York City Mayor Eric Adams made a compelling case for Bitcoin dip-buying.
When asked about the current bitcoin market slump by “Squawk Box” anchor Andrew Ross Sorkin, Adams replied that it is sometimes prudent to buy more during a downturn:
Sometimes the best time to buy is when things go down.
Adams was sworn in as New York’s second Black mayor last week.
According to the Democrat, he has yet to get his first Bitcoin payment:
I’m looking forward to that first paycheck in Bitcoins.
Eric Adams want New York City to be the Center of Crypto and Blockchain
To the excitement of the crypto community, the city’s new mayor revealed shortly after winning a landslide victory in his mayoral election that he would take his first three paychecks in the world’s largest cryptocurrency.
In the footsteps of former Miami Mayor Francis Suarez, he similarly promised to make New York “the heart” of the fast-growing economy.
During his most recent interview, he reiterated his strategy:
I want New York City to be the center of that technology.
According to U.Today, the crypto-friendly mayor also suggested that cryptocurrencies and blockchain technology be taught in schools, as well as allowing retailers to take Bitcoin.
Adams’ attitude was a breath of fresh air in the city, which has not been very friendly to cryptocurrencies.
Due to a severe regulatory regime, residents of the city have few trading options.
Cryptocurrency businesses can only legally function in the world’s financial hub if they first secure a coveted BitLicense, which is a long, time-consuming, and expensive procedure.
Only 20 crypto firms have been granted licenses in the state so far.
