Welcome back to the Tribe! In this post we are going to talk about the New York Mayor on Bitcoin and his recent comment for people to buy it during the dip.
While most investor site’s are calling for people to pull out, he is looking more long-term.
Nothing should be considered investment or financial advice. Enjoy the ride!
New York Mayor On Bitcoin
Most recently Bitcoin has decided to welcome the new year reaching near all time lows for the past 12 months. While there is blood starting to float on the market streets, not everyone is viewing this bearish sign as a bad thing.
Refusing to miss a moment on Bitcoin, the new New York City mayor had something to say about the recent $40,000 Bitcoin price.
Bitcoin Below $50,000 Presents A Perfect Buying Opportunity – Eric Adams, NYC Mayor
Most notably, he confirmed that Bitcoin is best bought when prices are down. The same can be said for any market since that is when most people are selling and you get the best deals.
Why is Eric Adams important though, why is he commenting on Bitcoin, and why should we care?
Well, Eric was recently elected as the new mayor of New York City in late 2021 and swore in on January 1, 2022. Right out of the gate, the fresh rookie stated that he would take his first three paychecks in Bitcoin. Not to mention he would start to try and push for more favorable legislation regarding the blockchain industry throughout the state.
While he still has yet to receive his first paycheck of Bitcoin, he seems to be optimistic that the choice and position on the digital market was the right one long-term.
NYC Crypto Hub
In addition to the stuff above, the guy is getting so much attention from the space because of his main campaign goal. (one of many).
This goal is to make New York City the crypto hub for America, similar to Miami’s goal. He aims to leverage this position to advocate for more focus and inner city budgeting towards technology.
While these are all admirable feats, the rookie is still only 7 days into his term. We will continue to monitor Mayor Adams’ status on the industry and what he does over his term to improve things.
While the news of a bullish mayor might stir some positivity, the mass majority of the market is feeling the dip.
Already there is a shifting in paradigm across the market on all the major social networks towards a bear market.
There are two schools of thought here:
- If everyone is calling for a bear market then it can’t be true. What are the chances that everyone is right? So, a lot of investors will double down and start to dollar cost average into the market over time.
- The second school of thought is that this temporary dip is a further indicator. If you look at the 3 to 4 month time frame of the crypto market there is a clear trend downwards. So, some people can start to assume that this is just the start of a long-term bear market. Which to be fair, it is about time for a retracement back down to the 20k-30k levels anyways.
Regardless of our opinion, it is always best to do your own research, and figure out which school of thought you support!
New York Mayor On Bitcoin Post
Thanks for reading our post on the New York Mayor on Bitcoin! We are unsure if the bear market will continue to drive the prices of crypto down, or if this is a short stop before the asset climbs to $100,000! Only time will tell.
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