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NYC mayor Eric Adams converted his first paycheck into Bitcoin and Ether last week — then the crypto market crashed

Added 01-25-22 02:14:02am EST - “Adams announced in November after winning the mayoral race that he would take his first three paychecks in Bitcoin.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “NYC mayor Eric Adams converted his first paycheck into Bitcoin and Ether last week — then the crypto market crashed”. Below is an excerpt from the article.

New York City Mayor Eric Adams converted his first paycheck from US dollars to cryptocurrencies last Friday — before a market meltdown over the weekend.

Adams was sworn into office on January 1. He announced in November after winning the mayoral race that he would take his first three paychecks in bitcoin.

"NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!" Adams said in the November 5 tweet.

Adams may have lost about $1,000 through Monday, according to Bloomberg calculations based on his first gross biweekly paycheck of $9,924.66. The calculation assumes an equal mix of bitcoin and ether and is based on Thursday's closing prices for the two cryptocurrencies.

Coinbase confirmed to Insider that Adams' first paycheck had been credited on January 21 via its deposit service, but said it had no information to share about the mayor's allocation of bitcoin and ether. The mayor's office did not immediately respond to Insider's request for comment.

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