At the time, Bitcoin had fallen back from its November ATH $68,979 to $40,000 levels. Few may have predicted Bitcoin’s demise to sub-$35,000 levels and the prospects of a first visit to sub-$30,000 since late July.
Mayor Adams had first pledged to take a Bitcoin salary during his bid to become Mayor. This was during Bitcoin’s extended bull run and before Bitcoin’s 10th November ATH.
New York City Among Progressive Crypto States
Alongside New York City, Miami is another progressive crypto U.S State. Miami City Mayor Suarez had been the first to announce taking a Bitcoin salary.
While Bitcoin’s bull rally was a good incentive to take Bitcoin salaries, the decisions were more selfless. Both Miami and New York City are actively progressing in raising funds through CityCoins. Powered by Stacks (STX), CityCoins is a protocol that enables smart contracts on the Bitcoin network. By forwarding STX tokens through the Stacks protocol, anyone can mine CityCoins .
Just last week, we reported on Miami City paying Bitcoin to local residents. In June 2021, the City of Miami had launched its very own MiamiCoin (MIA), the first CityCoins to market. Since MiamiCoin, New York City also launched its very own NewYorkCityCoin (NYC Coin).
The latest broad-based crypto sell-off, however, could test the resolves of the residents of both Miami City and New York City. For the Mayor of New York City, however, the message was clear.
“No regrets”. Mayor Adams compared the Bitcoin loss to stock market losses back in 2018 and other times, talking of long-term investment goals. For Mayor Adams the personal loss was not an issue, Adams talked of sending a message that NYC is open to new technology and for young people to engage in these new emerging markets.
Bitcoin Price Action
At the time of writing, Bitcoin was down by 7.52% to $33,559. Through the early hours, Bitcoin tested support at $33,000 with a day low of $33,042 before a return to $33,500 levels.
A move back through to $35,000 and a current day high of $36,288 would be needed to settle investor jitters. Bitcoin would need to avoid the morning low $33,042, however, to avoid sub-$32,000 levels and the prospect of a return to sub-$30,000.