Adams Lost $1000 In Paycheck-To-Bitcoin Conversion

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%.

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