No regrets for the NYC mayor receiving his first Bitcoin paycheck during the dip
Eric Adams, the 110th Mayor of New York City received his first Bitcoin paycheck on Friday, 21st of January, 2022. However, what was supposed to be a major step forward as regards bitcoin’s adoption turned sour as the market took a nosedive, visit: https://bitql.cloud/
On the said day, Bitcoin experienced a major dip as the market fell from around $41,000 to $33,000 range. This influenced other altcoins to follow suit causing the market to bleed red. This recent fall of Bitcoin simply translates to Adam losing about 15% of his first crypto wage.
However, when asked about the situation during an interview with CNN, Adam was unflappable about the loss.
Eric Adams, mayor of New York City supports bitcoin
Eric Adams, the Mayor of New York City has been an active supporter of Bitcoin since he emerged as the winner during the nominations. Just recently, he received his paycheck in Bitcoin but the crypto market had other plans. A rapid fall in the price of Bitcoin just after Adams received his paycheck in BTC saw him incur a loss of about 15%.
However, when asked about it during an interview, the Mayor asserted that he had no regrets about receiving his paycheck in BTC in the recent dip. While sidestepping the question, he shifted the discussion towards blockchain technology comparing his investment in S&P against Bitcoin.
Adams acknowledged that he experienced a similar situation when he invested in the stock market in 2018. As a recalled, he mentioned that a drastic drop was also experienced in the stock market at that time. Adams asserted that he believes the idea behind Bitcoin is to send a clear message that New York City welcomes the new technology. He also added that he would live to see more use cases and adoption of the technology with New York City. Hence, he is not motivating young people to take part in the growing market.
He surmised asserting how excited he is to initiate young people into the crypto and blockchain space. People who previously have been denied access to this emerging technology. He also added that his first three paychecks will be received in Bitcoin which sums up to $97,000.
Reacting to the question asked by the interviewer, many speculators assume that Adams lost about $5,000 on Friday. That implies that he earned approximately $32,000. It’s vital to note that because of the standing Department Labor laws in the United States, the paycheck was first issued in fiat currency. Then, the U.S. dollar is converted to Bitcoin on the Coinbase crypto exchange.
Certainly, the salary gesture in form of Bitcoin is a positive sign towards crypto adoption for the Big Apple. However, the crypto regulations laid down in New York are quite stringent even for America’s standard. According to Gemini, the popular crypto exchange platform, the New York financial center is quite meticulous. In fact, it is arguably the most granular and comprehensive crypto legislation within the country.
Certainly, Eric Adams has lots of work cut out for him in New York City. But as implied by popular crypto sayings, Bitcoin can make it anywhere even in New York with its stringent regulations.
Bitcoin becomes popular among mayors
It seems mayors are now beginning to buy Bitcoin and the ideology behind blockchain technology. Just recently, Francis Suarez, the Mayor of Miami also declared that he will be receiving his paycheck in Bitcoin. In fact, both the Mayors of New York and Miami agreed to launch the CityCoins projection in each other cities.
The City of Miami has taken a step further accumulating a whopping sum of about $13,500,000 through the CityCoins project. It’s now evident that both Mayors are in the race for Bitcoin adoption. For Adams, he strongly believes that the adoption of crypto and blockchain tech is an ambitious attempt to modify New York into a tech hub.
Furthermore, several personalities have also chosen to receive their paychecks in crypto since the last year. For instance, Odell Beckham Jr, Los Angeles Rams player declared that he would receive his wages in Bilzol for the 2021 season. At that time, the crypto was estimated to be worth $750,000. Considering the present market dip and if he hasn’t sold, the tokens will be valued at around $400,000.