Mayor Eric Adams is not only unrepentant, but believes he’s sending a message by charging in Bitcoin.
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New York City Mayor Eric Adams, who took office at the beginning of January, made headlines when he reported that he would cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. in his three-year term. first salaries in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and that he was excited to do so despite the drop the currency currency is a medium of exchange that defines value. was already experiencing.
Also, on Friday he received your first crypto salary . Most of Adams’ salary was in Bitcoin, but the staff member also requested that a portion of it be consigned to him in Ethereum a decentralized open-source blockchain with smart contracts functionality. (ETH).
Now, as can be seen in the interview with CNN that Bitcoin experienced a big fall over the weekend doesn’t seem to be a big problem for him and he has no regrets about receiving his first paycheck from his first employer. e Bitcoin during this bad time.
It is worth noting that, as can be seen in the graphs of Cryptomarkets, the price of Bitcoin dropped from a price of around USD $41,900 on Friday to USD $33,000 today which means that in just three days Adams has been cut about 20% off his first salary.
Defense of Bitcoin
However, Bitcoin (BTC) is a New York state of mind, according to the mayor. As we said, even though Adams received his first paycheck just Friday, January 21, he was unfazed when CNN asked him about the losses in such a short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. time.
Yesterday, January 23, CNN asked the official: “How much money did you lose? Do you have any regrets?”
The mayor dodged, as such, the question, and did not say exactly how much was lost. Instead, he focused attention on the technology of Bitcoin while making comparisons with the investment in the S&P 500:
“It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. Bitcoin’s purpose is to send a message that New York City is open to technology. . We want to see a lot of new technology in New York City and encourage our young people to participate in these new emerging markets.
He concluded that he is excited to bring young people into space. “who have historically been denied access to this new technology.”
Adams promised that he would receive his first three paychecks on Bitcoin, or USD $97,000 per year, depending on Cointelegraph . This would mean that you were paid about $32,333 on Friday. In other words, he had a loss of about $6,500 between Friday and Monday.
However, they are not losses as such, because if the mayor does hodl, that is, you keep it, you will surely see good profits in the future.
Dollar payment first
The media also clarifies that it is important to note that, due to U.S. Department of Labor laws, the payment was first issued in U.S. dollars, and then became crypto on the cryptocurrency exchange Coinbase.
Cointelegraph assures that, although it is the mayor’s intention to open up to the technology, New York’s crypto regulations are strict by U.S. standards. The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of cryptocurrencies Gemini says that the financial center has “arguably the most comprehensive and granular cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. regulations in the nation.”
If you want to see the interview with the mayor on video, you can do so from here .
Journalist Aaron Rupar also shared it on Twitter:
When asked if he regrets getting his first Bitcoin paycheck since the market an area or arena, online or offline, in which commercial dealings are conducted. has shrunk drastically, Eric Adams says that “the purpose of Bitcoin is to send a message that New York City is open to technology.”
Asked if he has any regrets about getting his first paycheck in Bitcoin since the market for it has gone down pretty drastically, Eric Adams says “the purpose of the Bitcoin is to send a message that NYC is open to technology.” pic.twitter.com/5jiTeNN7j9
– Aaron Rupar (@atrupar) January 23, 2022
Sources: CNN, Cointelegraph , archivo
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