Bitcoin price drops deeply, New York mayor thinks this is a good opportunity to “fish the bottom”

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2022-01-11 10:58:11

In the early trading sessions of 2022, the cryptocurrency market was continuously in the red, key digital currencies such as Bitcoin and Ethereum plunged non-stop. In the past 24 hours, Bitcoin price has plummeted to the threshold of $ 40,000, the lowest level in the past 3 months.

The prolonged decline of the cryptocurrency market made many Bitcoin investors nervous and bewildered. However, another section thinks this is a good opportunity to “fish the bottom”, including Eric Adams – who just took office as the 110th mayor of New York City on January 1, 2022.

Last November, Eric Adams announced that he would receive his first three months of salary in Bitcoin

In an interview on January 7 with CNBC, Eric Adams said he has yet to receive his first salary as mayor of New York City. He also repeated his assertion that his goal is to make America’s most populous city a Bitcoin and crypto hub.

When it was pointed out by journalist Andrew Ross Sorkin that the price of Bitcoin has been plunging for nearly 2 months, plummeting to $42,500 when there was news that the Fed raised interest rates. Even when Binance bought another 43,000 Bitcoins, BTC continued to “plunge” to reach $41,000. However, new mayor Eric Adams is not discouraged and thinks this is a good opportunity to “fish the bottom”.

Bitcoin price fell deeply, New York mayor thinks this is a good opportunity to catch the bottom - Photo 3.

New Mayor Eric Adams thinks this is a good opportunity for investors to “fish at the bottom”.

Sometimes the best time to buy is when things go down in price, that way when they go up again you’ll make a profit.“, Eric Adams commented.

I think we need to use blockchain technology, Bitcoin and all kinds of other technologies. I want New York City to be the hub of technology, so I’m looking forward to my first salary in Bitcoin“, he added.

Eric Adams is the man who won the election in November, to replace Bill de Blasio as mayor of New York City. During his election campaign, Adams pledged to make New York City a technology hub for cybersecurity, self-driving cars, drones, and Bitcoin.

Bitcoin price fell deeply, New York mayor thinks this is a good opportunity to catch the bottom - Photo 4.

Eric Adams asserts that his goal is to make America’s most populous city a Bitcoin and crypto hub

He also launched his own coin for the city, named New York coin (NYCCoin) and expressed his desire to integrate crypto teaching in schools.

Assuming the new mayor of New York has a base salary of $258,750/year, his monthly wages would be around $21,562/month, or 1.56 BTC at a price of $41,400 per BTC in the time the writer made the article.

Information about cryptocurrencies (cryptocurrency), commonly known as “virtual money” has not been recognized by law in Vietnam. The information in the article is for reference only and has no investment recommendation value.

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