During a 50% drop from all-time highs, New York City Mayor Adams was unconcerned about collecting his first Bitcoin payment.
For Eric Adams, the crypto supporter who is serving as the 110th mayor of New York City, Bitcoin (BTC) is a New York state of mind thing. When asked about losses during an interview, he was unflappable. He received his first Bitcoin payout on Friday during some epic downward price action.
Bitcoin’s price has plummeted from Friday’s highs of $41,000 to $35,000, implying that Adams’ first paycheck has been slashed by 15%.
“How much money did you lose, and do you have any regrets?” a CNN interviewer questioned on Sunday, in light of the price drop.
The newly elected mayor dodged the topic, instead focusing on Bitcoin technology and drawing parallels to investing in the S&P 500:
“It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.”
He closed by saying that he is looking forward to bringing young people into space who have hitherto been denied access to modern technology.
Adams promised he’d get his first three paychecks in Bitcoin, which works up to $97,000 per year. Speculators can estimate he lost $5,000 in nominal terms on Friday in response to the interviewer’s query. That would imply he was paid around $32,333.
It’s worth noting that, pursuant to US Department of Labor regulations, the payment was first issued in fiat currency, in the form of US dollars, and then converted to digital currencies on crypto exchange Coinbase.
While the salary gesture is a positive indication for New York, the city’s crypto rules are quite strict by American standards. The financial center, according to cryptocurrency exchange Gemini, has probably the most extensive and granular crypto rules in the country.
The mayor, who is orange-pilled, definitely has his job cut out for him. “If Bitcoin can make it here, Bitcoin can make it anywhere,” as the old adage goes.