The whole world jumped on the Bitcoin (BTC) caravan. The crypto industry has witnessed widespread adoption this year. Criticized heavily by government officials, BTC soon became a means of payment for many. New York City Mayor Eric Adams has repeatedly expressed his inclination towards the industry. However, one of his closest advisors also appears to be passionate about crypto. This is Philip Banks, New York City's deputy mayor for public safety.
Earlier this week, various financial disclosures surfaced. Accordingly, NYC vice president Banks has been recorded as buying a significant amount of crypto. The New York official announced that he bought Bitcoin and Ethereum with his funds of $15,000 to $150,000. This is not surprising, as New York City Mayor Eric Adams has previously stated that he wants to turn the city into the hub of the crypto world. Adams has even started accepting his salary in Bitcoin. It should also be noted that Adams is among the first politicians to receive a salary with BTC.
Banks' net worth has also reportedly tripled in the past eight years. Accordingly, in addition to crypto, the politician also invested in Tesla, Apple and Meta. Government officials in the US are optimistic about Bitcoin. However, some citizens of New York seem to dislike the idea of Bitcoin. This was revealed in a recent street interview. When asked by the reporter "Are you buying Bitcoin from the bottom", most respondents answered "no". Despite this, few citizens are striving for Bitcoin adoption in the city. In addition, it should be noted that Adams wants NYC to have its own cryptocurrency.
Bitcoin managed to pass the $20,000 zone. However, it seems to be struggling to get beyond $24,000. The leading cryptocurrency rose to the price level of $25,135 just two days ago. However, it could not stay at this level for long and fell. This morning, BTC made an attack from the $23,000-24,000 band and rose to $24,384. However, due to the anxiety created by the FED minutes in the market, it returned to the $23,000 band again.
At the time of writing, BTC was changing hands at $23,744, down 1.20% on the day. However, the trading volume of the cryptocurrency has increased in the last 24 hours. Transaction volume increased by 2.55% to $29.4 billion. As Coinactual.com reported, analysts say Fed minutes are unlikely to prevent a rate hike. In fact, an analyst nicknamed "the prophet" states that the FED will not cut interest rates until the end of 2023. It is possible that more inflation and interest rates will pave the way for a price drop for Bitcoin.
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