There’s a major bloodbath on Satoshi Street once again as Bitcoin and Ethereum corrected over 8% each. However, New York City Mayor Eric Adams Is All Set to Buy the Bitcoin Dip later today.
As announced earlier, Adams shall be converting his paycheck from U.S. Dollars to Bitcoin and Ethereum. The fund conversion will happen via Coinbase, the largest cryptocurrency exchange in the country. In the press release coming from his office, the New York City Mayor writes:
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
Eric Adams won the Mayor seat for New York City last year in November 2021. From the very beginning, Adams has been holding a pro-Bitcoin and pro-crypto stand. Soon after winning the elections, Adams set up the precedence announcing that he shall be converting his first paycheck in crypto.
Coincidently, the first paycheck comes just at a time when Bitcoin and the broader crypto market have corrected heavily. Meaning Adams shall be loading up his bags heavily. Earlier this month, Adams said that Bitcoin $50,000 presents a perfect buying opportunity. Well, Bitcoin is already trading at over a 20% discount from $50K levels.
Politicians Embracing Cryptocurrencies
Over the last few months, a bunch of U.S. politicians has been swaying voters by adopting a pro-crypto stand. Miami Mayor Francis Suarez was one among the first to take a pro-crypto stand.
Following Miami’s steps, the New York City Mayor also announced their native cryptocurrency NYCCoin which is now available for mining.
A number of other U.S. politicians like Cynthia Lummis have extended support for crypto and also invested in top assets like Bitcoin and Ethereum.