Eric Adams, a newly sworn-in New York City mayor, is already advising new and upcoming investors on buying recent Bitcoin dips.

Eric Adams spoke to CNBC's Squawk Box about Bitcoin and its price following the latest dip in its price. Adams stated that he would accept Bitcoin for his first three paychecks before being elected mayor. When asked whether he received the Bitcoin check, he replied, “Sometimes the best time to buy is when things go down, so when it goes back up you make a good profit.”

He added, "But yes I’m going to take my first three paychecks in Bitcoin. I haven’t received my first check yet, but I think we need to use the technology of blockchain, Bitcoin, and all other forms of technology. I want New York City to be the center of that technology. So I’m looking forward to that first paycheck in Bitcoin."

As mayor of New York City, Adams has been in office for five full days after winning a November election. He replaces Bill de Blasio.

As a result of crypto regulation and enforcement in the United States, New York state is often at the center of media attention.

After falling as low as $43,000 on January 6, bitcoin (BTC) has once again risen to the top of the debate after trading sideways between $45,000 and $52,000 since early December.

Bitcoin is a digital currency that has been gaining momentum in the last few years. The system is decentralized and provides protection against inflation; this attribute has attracted millions of users globally. Bitcoin transactions are processed by a network of computers connected to each other, and all activity is publicly recorded on a blockchain.