{"id":398541,"date":"2022-01-24T20:13:38","date_gmt":"2022-01-24T17:13:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyc-mayor-adams-may-have-lost-more-than-1k-converting-his-pay-to-crypto\/"},"modified":"2022-01-24T20:13:38","modified_gmt":"2022-01-24T17:13:38","slug":"nyc-mayor-adams-may-have-lost-more-than-1k-converting-his-pay-to-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyc-mayor-adams-may-have-lost-more-than-1k-converting-his-pay-to-crypto\/","title":{"rendered":"#NYC Mayor Adams may have lost more than $1K converting his pay to crypto"},"content":{"rendered":"<p>&#8220;<strong>#NYC Mayor Adams may have lost more than $1K converting his pay to crypto<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Maybe he should\u2019ve stuck with cash.\u00a0<\/p>\n<p>Mayor Eric Adams may have lost more than $1,000 of his first City Hall paycheck in just four days after converting it into cryptocurrency during a plunge in the market, a Post analysis shows.\u00a0<\/p>\n<p>Adams, who pulls an annual salary of $258,750, said Friday he converted his first biweekly paycheck \u2014 worth about $5,900 after average tax withholdings \u2014 into the cryptocurrencies bitcoin and ethereum.<\/p>\n<p>From the beginning of the day on Friday until Monday morning, bitcoin\u2019s price plunged by about 15.9%, while ethereum fell 24.3%.\u00a0<\/p>\n<p>The mayor didn\u2019t detail exactly how he divided his paycheck between the two cryptocurrencies, but a $5,900 investment split 50\/50 between bitcoin and ethereum at midnight on Friday would now be worth just $4,714 \u2014 a loss of $1,186.\u00a0<\/p>\n<p>If Adams had put his entire paycheck into bitcoin, he would now have about $4,961, while the same amount of money invested in ethereum would be worth $4,466. \u00a0<\/p>\n<p>The mayor\u2019s office did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to a request for comment.<\/p>\n<p>In November, Adams first pledged to take his first three paychecks in cryptocurrency as part of a plan to make New York City into the \u201ccenter of the cryptocurrency industry and other fast-growing, innovative industries.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"584\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-bitcoin-210124.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"From the beginning of the day on Friday until Monday morning, bitcoin\u2019s price plunged by about 15.9%. \" class=\"wp-image-20944333\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-bitcoin-210124.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-bitcoin-210124.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-bitcoin-210124.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>From the beginning of the day on Friday until Monday morning, bitcoin\u2019s price plunged by about 15.9%. <\/figcaption><figcaption><span class=\"credit\">Google Finance<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Ethereum fell 24.3% between the beginning of the day on Friday to Monday morning. \" class=\"wp-image-20944335\" width=\"624\" height=\"386\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all&amp;w=1245 1248w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all&amp;w=934 936w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all&amp;w=624 624w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all&amp;w=312 312w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/chart-ethereum-210124.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\"\/><figcaption>Ethereum fell 24.3% between the beginning of the day on Friday to Monday morning. <\/figcaption><\/figure>\n<p>But federal Department of Labor regulations ban city governments from paying workers directly in cryptocurrencies, so the mayor\u2019s office said his paycheck would immediately be converted into cryptocurrency using the crypto exchange Coinbase.<\/p>\n<p>Adams made his initial crypto pledge when bitcoin was trading north of $60,000. It has since fallen below $35,000.\u00a0<\/p>\n<p>Asked about bitcoin\u2019s plummeting price in early January, Adams struck an optimistic tone.\u00a0<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/eric-adams-220110-02.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Adams is paid roughly $5,900 after taxes every two weeks. \" class=\"wp-image-20944355\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/eric-adams-220110-02.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/eric-adams-220110-02.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/eric-adams-220110-02.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Adams is paid roughly $5,900 after taxes every two weeks. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cSometimes the best time to buy is when things go down, so when they go back up, you made a good profit,\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1479069915281870853\">Adams told CNBC<\/a>\u00a0on Jan. 6.<\/p>\n<p>In November, Adams caught flak for quietly flying to the SOMOS conference in Puerto Rico on a private Gulfstream jet owned by the bitcoin billionaire Brock Pierce, who also donated to his campaign. A spokesman said Adams paid for the flight through a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> agent.\u00a0\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/01\/24\/nyc-mayor-adams-may-have-lost-more-than-1k-converting-his-pay-to-crypto\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#NYC Mayor Adams may have lost more than $1K converting his pay to crypto&#8221; Maybe he should\u2019ve stuck with cash.\u00a0 Mayor Eric Adams may have lost more than $1,000 of his first City Hall paycheck in just four days after converting it into cryptocurrency during a plunge in the market, a Post analysis shows.\u00a0 Adams,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":398542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/eric-adams-220120-comp.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,124741,69348,76127,66147,74516],"class_list":["post-398541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-1-24-22","tag-city-hall","tag-cryptocurrency","tag-eric-adams","tag-mayor"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=398541"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/398542"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=398541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=398541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=398541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}