- Dec 3, 2017
- Reaction score
- Political Leaning
Eric Adams down on Bitcoin bets he invested paychecks in
The cryptocurrency-curious politician promised to put his first three paychecks — after taxes and other deductions — into the two largest cryptocurrencies, Bitcoin and Ethereum.
The mayor earns $258,750 per year — or about $5,900 per biweekly check, after taxes but before other credits or deductions.
Eric Adams to take first three paychecks as mayor in bitcoin
He made the Jan. 21 purchase through a direct deposit to Coinbase, a publicly-traded crypto exchange, City Hall said at the time.
Bitcoin is down about 18 percent since the start of the year. Ethereum is down an eye-watering 31 percent. But it’s been a volatile few months, with sharp ups and downs, and Adams’ first purchase in January came when coin prices were very low — so even as he lost money on his next two purchases, his early gains partially offset those later losses.
The last place I want to put my money is into crypto currency.