- New York City mayor Eric Adams converted his first paycheck to Bitcoin and Ether last week.
- Then the crypto market crashed. Bloomberg calculates Adams lost around $1,000 through Monday.
- Bitcoin is about 22% lower year-to-date, while ether is down about 35% in the same period.
New York City Mayor Eric Adams converted his first paycheck from US dollars to cryptocurrencies last Friday — before a market meltdown over the weekend.
Adams was sworn into office on January 1. He announced in November after winning the mayoral race that he would take his first three paychecks in bitcoin.
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” Adams said in the November 5 tweet.
Adams may have lost about $1,000 through Monday, according to Bloomberg calculations based on his first gross biweekly paycheck of $9,924.66. The calculation assumes an equal mix of bitcoin and ether and is based on Thursday’s closing prices for the two cryptocurrencies.
Coinbase confirmed to Insider that Adams’ first paycheck had been credited on January 21 via its deposit service, but said it had no information to share about the mayor’s allocation of bitcoin and ether. The mayor’s office did not immediately respond to Insider’s request for comment.
Even before the weekend’s massive losses totaling $350 billion, cryptocurrencies were already under pressure in line with a broader stock market rout as investors fret over looming interest rate hikes.
Bitcoin is about 22% lower year-to-date, while ether is down about 35% in the same period.
Despite the market turmoil directly impacting his crypto holdings, Adams doesn’t appear too stressed.
“The purpose of bitcoin is to send a message that New York City’s open to technology,” he told CNN on Sunday. “We’re going to see a large amount of new technology in the city of New York and encourage our young people to be engaged in these new emerging markets.”
The strategy has already garnered at least one high-profile supporter. Daniel Rosenthal, CEO of the Apex Crypto platform, announced plans to triple the company’s workforce in New York City over the next two years, citing the mayor’s embrace of cryptocurrencies as a contributing factor.