Story at a glance
- New York City Mayor Eric Adams could have lost around $1,000 converting his first paycheck into cryptocurrency, according to a New York Post analysis.
- Adams made good on a promise to receive his first three paychecks in Bitcoin and Ethereum by converting his Friday paycheck into the cryptocurrencies via Coinbase.
- The new mayor potentially lost more than $1,000 after the conversion due to a drop in the cryptocurrencies’ value over the weekend.
New York City Mayor Eric Adams may have lost around $1,000 converting his first check into cryptocurrency.
Adams followed through on a pledge to receive his first three paychecks as mayor in cryptocurrency by converting his Friday paycheck into Bitcoin and Ethereum via Coinbase, the country’s largest cryptocurrency exchange.
“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” Adams said on Twitter last November. “NYC is going to be the center of the cryptocurrency industry and other fast-growing innovative industries! Just wait!”
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Adams makes an annual salary of $258,750, and his first paycheck would have been worth about $5,900 after taxes, according to The New York Post.
But the Big Apple’s new mayor most likely ended up banking less after converting his City Hall check, since the value of both Bitcoin and Ethereum dropped by about 15.9 and 24.3 percent, respectively, between Friday and Monday morning, according to the Post.
The Post calculated that the cryptocurrencies’ shrunken worth resulted in a loss of a little over $1,100 for the new mayor, if he split his biweekly paycheck evenly between the Bitcoin and Ethereum.
City Hall did not immediately respond to a request for comment from Changing America.
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