Eric Adams, the 110th mayor of New York City received his first Bitcoin payment on Friday during a spectacular price drop. The price of Bitcoin has fallen from Friday’s high of USD 41,000 to USD 35,000. This means that Adams has effectively discounted his first wage by 15 percent.
In light of the price dips, a CNN interviewer on January 23 asked, “How much money have you lost and regretted?”
“Same as when investing in equities. Market; significant decline since 2018. The purpose of Bitcoin is to send a message that New York City is open to technology. We see many new technologies in New York City and want to encourage young people to join these new emerging markets.”
He concludes that he is excited to bring young people “who have been denied access to this new technology in the past” into this new space.
Adams will receive his first three salaries in Bitcoin, USD 97,000 a year. Speculators have estimated that he lost nominally about USD 5,000 on Friday. Payroll gestures are a promising sign for the Big Apple, but New York crypto regulations are strict by American standards. The mayor with an orange pill obviously has a lot to do. But it seems to be an old saying, “If Bitcoin can do it here, Bitcoin can do it anywhere.”
