Bitcoin (BTC) is New York’s state of mind to Eric Adams, a crypto lawyer who serves as New York’s 110th mayor. He got his first bitcoin boost on Friday during some epic price promotions and was untouched when asked about losses during an interview.
The price of bitcoin fell from Friday’s high of $ 41,000 to $ 35,000, which means that Adams actually received 15% of his first paycheck.
In light of the price cut, a CNN interviewer asked Sunday: “How much money have you lost and do you regret?”
The newly appointed mayor avoided the question, instead highlighting Bitcoin technology and comparing it to investing in the S&P 500:
“It’s the same when I invested in the stock market; we have seen sharp declines in 2018 and elsewhere. The purpose of Bitcoin is to send a message that New York is open to technology. We want New York to have many new technologies and encourage our young people to get involved. These are emerging markets. ”
He concluded that he was happy to send into space young people “who have historically been denied access to this new technology.”
Adams promised that he would receive his first three salaries in bitcoin, or $ 97,000 a year. In response to the interviewer’s questions, speculators may assume that he lost around $ 5,000 in nominal terms on Friday. This suggests that he earned about $ 32,333.
It is important to note that according to the laws of the US Department of Labor, the payment was first issued in US dollars and then converted to digital currencies on the Coinbase cryptocurrency exchange.
Related: Brazil’s mayor reportedly invests 1% of Bitcoin’s city reserves
While the paycheck gesture is a promising sign for the Big Apple, New York’s cryptocurrency regulations are strict by American standards. Cryptocurrency exchange Gemini said the financial center has “the most comprehensive and beloved cryptocurrency regulator in the country.”
Apparently the mayor does not work with the orange pill. But it’s like the old saying, “If Bitcoin can get it here, Bitcoin can get it anywhere.”
A number of such figures have increased their salaries in cryptocurrencies over the past 12 months, which could lead to catastrophic consequences. Los Angeles Rams player Odell Beckham Jr. announced in November that it would receive its 2021 season salary in bitcoin, which is valued at around $ 750,000 at the time of payment. If he does not sell, these coins are currently worth around $ 400,000, before taking into account his tax liability.