New York City mayor Eric Adams has confirmed he will be taking his first three paychecks in the flagship cryptocurrency Bitcoin ($BTC). Adams assumed office as Mayor of New York City at the beginning of this year.

Speaking with CNBC’s Squawk Box, the mayor discussed the price of the flagship cryptocurrency and his pledge to take his first three paychecks in BTC. As CryptoGlobe reported, Adams had said he would be taking his first three paychecks in bitcoin before he assumed office.

When asked about whether he had received a check in bitcoin and whether he was affected by the cryptocurrency’s recent price drop, Adams responded that sometimes “the best time to buy is when things go down, so when it goes back up you make a good profit.”

The mayor added that he is indeed going to be taking his first three paychecks in BTC, although he hasn’t received his first one yet. Per his words, technologies like cryptocurrencies and blockchain are important and he wants “New York City to be the center of that technology.”

The mayors of Miami and Tampa, Florida, have also pled to start receiving their salaries in the flagship cryptocurrency last year. Bitcoin has been seeing its influence grow in the United States, with Miami set to share with its residents a “bitcoin yield” from its cryptocurrency Miamicoin.

The recent crypto market downturn may just be temporary, as equities markets and other assets are also down after the Federal Reserve revealed a more hawkish stance, suggesting it will raise interest rates sooner than expected and move to reduce the size of its balance sheet.

As reported, BTC’s price could keep on taking further market share away from gold in the so-called “store of value” market, according to analysts from Goldman Sachs who, in a report, touted BTC could hit $100,000 in the future.

Last year, Goldman Sachs’ analysts  predicted the second-largest cryptocurrency by market capitalization, Ethereum’s ether, could hit $8,000 before the end of 2021. Ethereum’s price failed to breach the $4,700 mark last year amid a crypto market downturn and is now trading at $3,800, according to CryptoCompare data.

In June 2021, the investment bank started trading Bitcoin futures on behalf of clients with the help of Galaxy Digital.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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