NYC Mayor Likely Lost About $1,000 on His First Crypto Paycheck

As crypto traders are mired in the fallout from the recent market crash, users on social media pointed to a fellow enthusiast who may be suffering losses: New York City Mayor Eric Adams.

Adams, a Democrat who planned to turn New York into the “center of the cryptocurrency industry,” vowed to take his first three paychecks in Bitcoin in November 2020. After being sworn into office in Jan. 1, the Mayor’s office confirmed to Bloomberg that his first gross paycheck of $9,924.66 would be converted into Bitcoin and Ethereum on Jan. 21. Coinbase Global Inc. handled the conversion through its direct deposit feature, which allows users to allocate a ...