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Purchasing The Dip Could Result In A Good Profit, Says Nyc Mayor

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The mayor of New York City, Eric Adams, seems unconcerned by bitcoin’s declining value. Adams, a former New York City police captain and Brooklyn borough president, was sworn in as the city’s 110th mayor on Jan. 1.

On CNBC on Thursday, he was asked if he has been paid in bitcoin after announcing last year that he would take his first three paychecks in bitcoin.

The new mayor of New York City smiled when asked about the price of bitcoin this week and how it would have affected his paychecks if he had been paid in the cryptocurrency.

“Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”

Yes, I’m going to take my first three paychecks in bitcoin,” Adams confirmed, but noted, “I haven’t received my first check yet.”

He reiterated his cryptocurrency strategy.s: “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 so I’m looking forward to that first paycheck in bitcoin.”

The price of BTC has dropped more than 13% in the last seven days at the time of writing. According to data from Bitcoin.com Markets, it is currently $41,364.

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Mayors Francis Suarez of Miami, Florida; Scott Conger of Jackson, Tennessee; and Jane Castor of Tampa, Florida have all stated that they want to be paid in bitcoin.

Last year, Miami Mayor Carlos Suarez stated that he would like to get his whole salary in bitcoin. He was just elected president of the United States Conference of Mayors.

“I’m going to ask my friends, my brothers and sisters, the mayors of this country to sign on to a mayoral crypto compact because we need to lead in the absence of leadership,” he said Monday. “We need to make sure that our regulatory system embodies success into the future instead of stifling success.”