These days, it seems that more and more politicians are diving into the world of cryptocurrency. And while it’s not new for US mayors to support crypto, NYC mayor Eric Adams has officially shown his support for Bitcoin, even encouraging investors to embrace this leading digital asset.
During the Squawk Box television show, Adams disclosed that he has yet to receive his first crypto payment, but he trusts that he will receive it soon. The politician is set to receive a check worth 1.51 Bitcoin every month, which is equal to $21,562 when converted to USD.
He believes it’s sometimes better to purchase cryptocurrencies when they’re down, referring to Bitcoin specifically. Adams believes in the importance of taking advantage of new technologies, so he wants NYC to be a leader in all these crypto advances in the USA.
Is New York Essential to the Crypto Market?
Even though it seems as if New York is just another state that typically accepts Bitcoin, the “big apple” is also the headquarters for leading national regulators like the SEC and the attorney general’s agency. If Adams keeps his promise to create crypto-related laws, the penalties related to the market will most likely be forgotten.
As mentioned, Adams still hasn’t received his first check-in Bitcoin. However, he promised to accept three consecutive payments in support of decentralized commerce after being elected. While it’s true that NYC and Miami mayors put much of their focus on the crypto market, Bitcoin and Ethereum don’t break their bearish streak.
Bitcoin is now trading at $43,351, as it decreased by 5.99% in the last 24 hours. On the other hand, Ether loses its footing within the virtual market with a value of $3,433 after decreasing more than 8% during its last day.