NYC mayor receives his first Bitcoin paycheck during the dip

Bitcoin

Bitcoin (BTC) is a state of mind in New York for Eric Adams, a proponent of cryptocurrencies who is the 110th mayor of New York. He received his first bitcoin payout on Friday during an epic price cut and was fearless when asked about losses between interview.

The price of bitcoin fell from Friday’s highs of $ 41,000 to $ 35,000, meaning Adams actually cut 15% on his first salary.

In light of falling prices, a CNN interviewer asked on Sunday, “How much money have you lost and are you sorry?”

The recently appointed mayor avoided the issue and highlighted Bitcoin technology instead, comparing it to investing in the S&P 500:

“It’s the same as when I invested in the stock market; we have seen a drastic drop in 2018 and sometimes. The purpose of Bitcoin is to send the message that New York City is open to technology. We want to see a lot of new technology in New York City and encourage our young people to get involved in these new emerging markets. “

He concluded that he was excited to bring young people into the space, “who have been denied access to this new technology in the past.”

Adams has promised to receive the first three salaries in bitcoins, or $ 97,000 a year. In response to a question from an interviewer, speculators may assume he lost about $ 5,000 in nominal dollars on Friday. That assumes he was paid about $ 32,333.

It is important to note that due to U.S. Department of Labor labor laws, payment was first issued in fiats as U.S. dollars and then converted into digital currencies at the Coinbase cryptocurrency exchange.

Related: The Brazilian mayor is expected to invest 1% of the city’s reserves in Bitcoin

While the pay gesture is a promising sign for the Big Apple, New York crypto regulations are strict by American standards. Gemini crypto exchange he said the financial center has “probably the most extensive and detailed cryptocurrencies in the country.”

The Orange Mayor has apparently finished his work. However, as the old saying goes, “if Bitcoin succeeds here, Bitcoin can succeed anywhere.”

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