Bitcoin Gains 2% as NYC Mayor-Elect Asks for Payment in Crypto

05 Nov 2021 · 3rd Party Analysis

Bitcoin Gains 2% as NYC Mayor-Elect Asks for Payment in Crypto


In Summary:

  • Bitcoin gains 2% early Friday after newly-elected New York City Mayor asks to be paid in crypto
  • Eric Adams says he will make New York City the “center of the cryptocurrency industry”

Incoming Mayor of New York Wants Bitcoin as Payment

Bitcoin, the biggest token in the crypto market, received a fresh boost late Thursday and early Friday. The buying momentum was driven by the announcement that incoming New York City Mayor Eric Adams wants his paychecks in bitcoin.

In more detail, Eric Adams, the next mayor of New York, made a crypto promise. His vision for the city is to turn it into the crypto center of the world. His first step toward making good on his promise is to get paid in bitcoin.

“I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” said Mr. Adams in a tweet Thursday.

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

His Twitter post was an attempt to one-up the mayor of Miami, Francis Suarez. On his end, Mr. Suarez tweeted he’s going to take his next paycheck “100% in bitcoin”.

“Touché… congrats on the election,” replied back Mr. Suarez. “I look forward to the friendly competition in making our respective cities a crypto capital!”

What’s Bitcoin Doing Today?

The soaring valuation of bitcoin has cooled this week. Presently, bitcoin is trading near $62,000 per coin, up about 2% on the day and flat on the week. That said, the skyrocketing price has been on a tear recently. In October alone, the orange coin gained as much as 40%. Along the way, the cryptocurrency sprinted to an all-time high of $67,000 apiece.

Mr. Adams’ warm stance toward bitcoin comes amid a wave of attention from mainstream professionals and investors.

Dive Deeper in the World of Crypto

The wider cryptocurrency market this week reached a fresh record high. More precisely, the digital asset space topped a valuation of $2.9 trillion. The upside swing was based primarily on a rallying Ether. The second-biggest coin surged to a record high of $4,665 earlier this week.

Currently, the Ethereum network’s native coin is changing hands near $4,530, flat on the day but up 6% this week.

With this in mind, Ether has outperformed bitcoin on almost any timeframe this year. Over the course of the year, Ether is up 500%, compared with bitcoin’s gain of about 115%.

Still, bitcoin’s large market cap of $1.2 trillion has to be taken into account. To this end, it requires a lot of firepower to produce a move of any size.

Whereas with Ether’s market cap of about $500 billion, a significant move is relatively easier percentage-wise.

What to Expect in the Markets?

In the financial markets today, traders and investors will be looking for the latest jobs report in the US. The October nonfarm payrolls data is set for 08:30 am EST. It will reveal how many new jobs were added by US employers over the past month.

Against this backdrop, heightened volatility could be expected in stocks and currency pairs.

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