Monday, May 29

New York Mayor Doesn’t Regret Cashing Out Bitcoin Despite Falling Prices

For DailyBitcoin Editor

Mayor Eric Adams not only has no regrets, but believes that he is giving a message by charging Bitcoin.

The mayor of New York, Eric Adams, who took office at the beginning of January, made headlines when he announced that he would receive his first three salaries in Bitcoin and that he was excited to do so despite the drop the currency was already experiencing.

Also, on Friday he received his first salary in crypto. Most of Adams’ salary was in Bitcoin, but the official also requested that a portion of it be consigned to him in Ethereum (ETH).

However, as can be seen in an interview with CNN, that Bitcoin experiencing a big slump over the weekend doesn’t seem like a big deal to him and he doesn’t regret getting his first paycheck ever.and Bitcoin during this bad time.

It is worth noting that, as can be seen in the graphs of crypto markets, the price of Bitcoin fell from a price of around $41,900 on Friday to $33,000 today, which means that in just three days Adams has cut about 20% on his first salary.

defense of Bitcoin

But nevertheless, Bitcoin (BTC) it’s a New York state of mind, according to the mayor. As we said, although Adams received his first salary on Friday, January 21, he was unfazed when asked by CNN about the losses in such a short time.

Yesterday, January 23, CNN asked the official: “How much money did he lose? Do you regret anything?”

The mayor avoided, as such, the question, and did not say exactly the amount lost. Instead, he turned his attention to the technology of Bitcoin while making comparisons with investing in the S&P 500:

“It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a lot of new technology in New York City and encourage our youth to participate in these new emerging markets.”

He concluded that he is excited to bring young people into space “who have historically been denied access to this new technology.”

Adams promised that he would receive his first three paychecks in Bitcoin, or USD $97,000 annually, depending on Cointelegraph. This would mean that he was paid around $32,333 on Friday. That is, he had losses of about $6,500 between Friday and Monday.

However, they are not losses as such, because if the mayor does hodl, that is, you keep it, you will surely see good profits in the future.

Payment in dollars first

The media also makes it clear that it is important to note that due to US Department of Labor laws, payment was first issued in US dollars and then converted to crypto on the cryptocurrency exchange Coinbase.

Cointelegraph He assures that, although it is the mayor’s intention to open up to technology, New York’s crypto regulations are strict by US standards. The exchange of cryptocurrencies Gemini says that the financial center has “possibly the most comprehensive and granular cryptocurrency regulations in the nation.”

If you want to see the interview with the mayor on video, you can do it from here.

Journalist Aaron Rupar also shared it on Twitter:

When asked if he regrets getting his first Bitcoin paycheck as the market has shrunk, Eric Adams says that “the purpose of Bitcoin is to send a message that New York City is open to the technology”.

Sources: CNN, Cointelegraph, archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.