New York Mayor Buying The Dip? Coinbase Converts His Salary in Bitcoin And Ether

US crypto exchange Coinbase was selected to provide the new New York Mayor Eric Adams’ first salary in Bitcoin and Ether. Adams had promised to have his first three salaries in crypto during his election, in order to promote the new financial industry in his city. It was not revealed however, how much of his salary is converted to Bitcoin, and how much to Ether. The mood among commentators was nevertheless that Adams was ‘buying the dip’, as Bitcoin stood at around $35,000 when it was paid out.

Adams’ office said in a prepared statement:

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.

Miami versus New York

The move comes after Miami Mayor Francis Suarez vowed in November of last year already to take his paycheck in Bitcoin, after which the newly elected New York Mayor claimed that his city simply had to go bigger and he therefore would take his first three paychecks in cryptocurrencies. Because of statutory hindrances, Adams could not be paid out in Bticoin directly by City Hall, but Coinbase offered to do a conversion for him upon receipt of his paycheck.

The comment from the cryptosphere was that Adams was clearly ‘buying the dip’.

CNN saw it differently, asking the mayor this weekend:

How much money did you lose, and do you have any regrets?

Mr Adams’ response:

It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.

It will remain to be seen by the end of the year whether his timing was any good.