For Eric Adams, the crypto champion who is also 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 dramatic downward market activity.
The price of Bitcoin has plummeted from Friday’s highs of $41,000 to $35,000, implying that Adams’ first paycheck has been reduced by 15%.
“How much money did you lose, and do you have any regrets?” a CNN interviewer questioned on Jan. 23 in light of the price decline.
The newly elected mayor avoided the subject by focusing on Bitcoin technology and drawing parallels to S&P 500 investing:
“It’s similar to when I invested in the stock market; we experienced a significant loss in 2018 and prior years. The goal of Bitcoin is to show that New York City is technologically savvy. We’d want to see a lot of new technology in New York City, and we’d like to encourage our young people to participate in these new emerging marketplaces.”
He ended by saying that he’s looking forward to bringing young people into space “who have previously been denied access to this new technology.”
New York crypto rules are onerous by American standards
Adams guaranteed that his first three salaries will be in Bitcoin, totaling $97,000 per year. Speculators can imagine he lost $5,000 in nominal dollars on Friday in response to the interviewer’s query. That would imply a salary of $32,333.
It’s worth noting that, pursuant to US Department of Labor regulations, the payment was initially provided in fiat currency, in the form of US dollars, before being converted to digital currencies on Coinbase.
While the salary gesture is encouraging for New York, the city’s crypto rules are onerous by American standards. The financial centre has “probably the most complete and granular crypto rules in the country,” according to the cryptocurrency exchange Gemini.
The Mayor of Orange has his work cut out for him. “If Bitcoin can make it here, Bitcoin can make it anywhere,” as the old saying goes.