Bitcoin (BTC) is a New York state of mind for Eric Adams, the cryptocurrency advocate who serves as the 110th mayor of New York City. He received his first payment in Bitcoin on Friday during an epic bearish price action, and was unfazed when asked about losses during a interview.
The bitcoin price has plummeted from Friday’s highs of $41,000 to $35,000, meaning Adams has taken a 15% cut on his first salary..
In light of the price drop, asked by a CNN interviewer on January 23, “How much money have you lost and do you have any regrets?”.
The new mayor dodged the question, instead emphasizing bitcoin technology while drawing comparisons 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 lot of new technology in New York City and encourage our young people to participate in these new emerging markets.”
He concluded by saying that is excited about bringing young people into this space “who have historically been denied access to this new technology”.
Adams promised that he would receive his first three checks in bitcoin, that is, USD 97,000 annually. In response to the interviewer’s question, speculators can assume that it lost approximately $5,000 nominal on Friday. That assumes he was paid approximately $32,333.
It’s important to put attention on, Due to the laws of the United States Department of Labor, the payment was first issued in fiat as US dollars and then converted into digital currencies on the Coinbase crypto exchange..
While the salary gesture is a promising sign for the Big Apple, New York’s crypto regulations are strict for United States standards. The Gemini exchange says that the financial center has “possibly the most comprehensive and granular cryptocurrency regulations in the nation.”
It’s clear that the orange-haired mayor has a lot of work ahead of him. But It’s like the old saying goes: “if bitcoin can do it here, bitcoin can do it anywhere”.
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