New York City Mayor Eric Adams may have lost around $1,000 converting his first check into cryptocurrency.
Adams made good on his commitment to receive his first three paychecks as mayor in cryptocurrency by converting his Friday paycheck into Bitcoin and Ethereum through Coinbase, the nation's largest cryptocurrency exchange.
"In New York we always go big so I'm getting my first THREE Bitcoin paychecks when I'm mayor," Adams said on Twitter last November. โNYC will be the hub of the fast-growing cryptocurrency industry and other innovative industries! Just wait!
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Adams earns an annual salary of $258,750 and his first paycheck would have been around $5,900 after taxes, according to The New York Post.
But the Big Apple's new mayor will most likely end up banking less after converting his City Hall check, as the value of Bitcoin and Ethereum fell by around 15.9 and 24.3 percent, respectively, between on Friday and Monday morning, according to the Post.
The charge calculated that the reduced value of cryptocurrencies resulted in a loss of just over $1,100 for the new mayor, if he split his bi-weekly paycheck equally between Bitcoin and Ethereum.
The City Council did not immediately respond to a request for comment from Changing America.
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