Newly elected mayor of New York, Eric Adams said last November that he was ready to receive his first three salary checks in bitcoin. Two months later, this bold measure is now effective while the cryptocurrency is at its worst. Details in the following.
A transaction made through 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 in particular converted to bitcoin and ether through Coinbase, the main cryptocurrency exchange in the United States. Indeed, it is impossible for the city of New York to directly pay its mayor in cryptocurrency according to the regulations of the United States Department of Labor. Eric Adams thus becomes the second pro-crypto mayor to take his salary in cryptocurrency after Miami Mayor Francis Suarez.
Importantly, when Mayor Adams made his promise, the cryptocurrency market was experiencing a bull run that drove bitcoin to an all-time high. However, the asset has currently lost almost half of its value and is trading slightly above the $35,000 mark. Despite this impressive fall, the mayor of New York does not seem disturbed 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 innovations 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 regain the $50,000 mark. He also said that the downtrend represents a great buying opportunity for cryptocurrency supporters. ” Sometimes the best time to buy is when prices are falling. So when they go up, you benefit “, he assured.
The action taken by the Mayor of New York City is a continuation of widespread adoption measures taken around the world by individuals and institutions. However, critics of cryptocurrencies point to the current price movement of bitcoin as one of the risks associated with adopting digital assets as a method of payment.
The mayor of New York has just proven in the most beautiful way his commitment to bitcoin in this particularly difficult period for cryptocurrency. It should be logically rewarded for this as bitcoin resumes its run to the top.
Source: CryptoSlate
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
