The New York Post reports:
Maybe he should’ve stuck with cash. 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.
Adams, who pulls an annual salary of $258,750, said Friday he converted his first biweekly paycheck — worth about $5,900 after average tax withholdings — into the cryptocurrencies bitcoin and ethereum.
From the beginning of the day on Friday until Monday morning, bitcoin’s price plunged by about 15.9%, while ethereum fell 24.3%.
Read the full article.
Eric Adams may have lost more than $1,000 converting his first paycheck to crypto https://t.co/SQlyul4MQ2 pic.twitter.com/cX50Mkr8d0
— New York Post (@nypost) January 24, 2022