https://ift.tt/3FTAOmF Mayor Vows to Support Crypto Despite Losing 16% of Paycheck

• Adams’ compensation has been slashed by more than 16%.
• Paid in US dollars and subsequently converted to the flagship cryptocurrency.

The 110th mayor of New York City, Eric Adams, is an advocate of cryptocurrency. When questioned about his losses in an interview, he remained calm and collected after receiving his first Bitcoin payment on Friday amid some dramatic downward price activity.

Big crypto investors, known as whales, have stayed on the sidelines, along with other significant factors driving BTC to fall from $41K to below $35K. According to this calculation, Adams’ compensation has been slashed by more than 16%. He’s made it quite clear that he still supports cryptocurrency, even though it’s costing him money.

First Three Paychecks in Bitcoin

Not replying to whether he regretted his decision to invest in Bitcoin in an interview with CNN on Sunday, Adams did say that it was similar to investing in stocks. As part of his stated goal of making New York a tech-friendly city, he intended to bring in young people who had not previously been given access to the rapidly evolving technology in question.

In November, Adams said he would collect his first three paychecks in bitcoin when he became mayor. Due to US Department of Labor rules, the pay would not be immediately paid in cryptocurrency; instead, it would be given in US dollars and subsequently converted to the flagship cryptocurrency.

Even though New York City is a major financial hub, it has one of the nation’s strictest cryptocurrency policies, requiring licenses for most crypto transactions; thus, Adams’ backing is essential. In recent years, several high-profile individuals, including sports stars, have collected their wages in crypto, which had significant effects.