According to Eric Adams, the new mayor of New York, it is best to buy bitcoin (BTC) when the price of the asset is going down. In November, the official announced that he would like to receive his first three salaries in bitcoin. On January 6, Adams again raised this issue, stating that he ” was looking forward to his first bitcoin pay “.
“The best time to buy is when prices are going down“
In an interview with CNBC on Thursday, January 6, New York City Mayor Eric Adams reiterated his willingness to receive his first three salaries in bitcoin. When asked if he still wanted to be paid in BTC, as the price of the cryptocurrency fell, the official claimed he was sticking to his decision.
“Sometimes the best time to buy is when the prices are going down. So when they go back up you take advantageAdams said.
He also added that he had not yet received a salary as mayor of New York because he was sworn in on January 1 and had only been in office for five days. However, Adams says he can’t wait to get his first paycheck, and the next two in bitcoin, as he said in November.
Adams has ambitious plans for New York and bitcoin
During his election campaign, Adams stood out as a sympathetic candidate for cryptocurrency. He promised to bring New York City to the digital age. One of the ways he wants to achieve this is by making the city a seat of blockchain technology and cryptocurrency.
“I think we have to use blockchain technology, bitcoin and all other forms of technology. I want New York to be the home of this tech», He confessed.
Adams agreed to receive his salary in bitcoin because of his belief in the potential of blockchain technology to help New York City. The mayor has also made it known that he would like to follow in the footsteps of Miami Mayor Francis Suarez by creating a cryptocurrency unique to New York City. It should be noted that Suarez became the first American mayor to agree to receive his remuneration in bitcoins.
The struggling crypto market
Adams’s indifference to the collapse in the prices of the largest cryptocurrency is, in fact, shared by many Bitcoin investors.
Assets have fallen by around 8% in the past 24 hours. After trading at around $ 46,600, bitcoin fell to almost $ 42,700. Analysts attribute the downward correction to liquidations in derivative markets. In 24 hours, the Bitcoin market saw a large number of liquidations worth over $ 323 million.
The effects of the bitcoin crash were also felt by all cryptocurrencies. Many altcoins are on the decline as their markets have seen large sell-offs as well. According to data from Coinglass, over 226,000 traders positions were liquidated and over $ 892 million were eliminated.
The crypto market collapsed of about 10% on the night of January 5 to 6 following the demonstrations that have rocked Kazakhstan since January 2 in the face of rising gas prices in the country. Since then, a downtrend has been observed in almost all derivatives markets.
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Passionate about new technologies and computers, blockchain and crypto are a field in which I have totally blossomed. I am convinced that they are a crucial part of our future!