No regrets for NYC mayor receiving his first Bitcoin paycheck during dip

No regrets for NYC mayor receiving his first Bitcoin paycheck during dip

Eric Adams, the cryptocurrency advocate and the 110th Mayor in New York City, considers Bitcoin (BTC), a New York state-of-mind thing. During some dramatic down price action on Friday, he received his first Bitcoin payout and was unflappable during an interview about losses.

Bitcoin’s price plunged from Friday highs at $41,000 to $35,000 on Friday, which means Adams has had to take a 15% cut in his first wage.

A CNN interviewer asked Jan. 23: “How much money have you lost and are there any regrets?”

The newly elected mayor opted to ignore the question and instead shined a spotlight upon Bitcoin technology, while drawing comparisons with investing in the S&P 500.

It’s the same as when it was my first investment in the stock market. We saw a dramatic drop during 2018 and other periods. Bitcoin’s purpose is to show that New York City is open for technology. We want to see New York City embrace new technology and encourage young people to participate in these emerging markets.

He said that he was excited to welcome young people to the space, “who have traditionally been denied access to this technology.”

Adams stated that he would get his three first paychecks in Bitcoin. That’s $97,000 annually. Answering the interviewer’s question, speculators could assume that he lost approximately $5,000 in nominal dollars on Friday. This assumes that he was paid approximately $32,333

It is important to remember that the payment was issued first in fiat dollars by the United States Department Labor Laws. Then it was converted to digital currencies via crypto exchange Coinbase.

Related: Brazilian mayor to invest 1% in Bitcoin

The salary gesture may be a positive sign for the Big Apple but New York’s crypto regulations for America are strict. According to Gemini, the crypto exchange Gemini claims that New York has the “arguably most comprehensive and granular” crypto regulations in the country.

It’s clear that the orange-pilled Mayor has a lot to do. It’s true that Bitcoin can be used anywhere.

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Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

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