No regrets for the NYC Mayor receiving his first Bitcoin paycheck during the dip

[wtsimis]

Eric Adams, the 110th mayor of New York City, received his first Bitcoin payout on Friday during the massive dip and was calm when asked about losses during an interview.
Bitcoin breaks down from $41,000 to $35,000 which means, Adams effectively losses a 15% cut on his first wages.
While a TV show, a CNN interviewer asked,
 "How much money did you lose, and do you have any regrets?”
“It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. When you're a long-term investor, you don't need to keep your eyes on portfolios, you buy low and hopefully, you can get what you desire. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.”

It’s important to notice that due to United States Department Labor laws, the payment was first administered in fiat as U.S dollars and then converted into digital currencies.

Sources: https://twitter.com/atrupar/status/1485265174571491338?s=20

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[mk4]

Surprise, I guess? I mean, if you manage to become a mayor of a city such as New York, there's a good chance that you're probably smarter than a lot of people hence probably having a good grasp on how investing works. And not to mention that he just used one single paycheck lmao, it's not like he allocated 10% of his life savings or something.

[ChiBitCTy]

This was an intelligent reply, this guy is clearly not a dummy. Sure he is technically down some since he converted his US dollar denominated salary in to bitcoin, but he knows this is how markets work. They go up and down. Now Of course the hope is bitcoin will become more stable, but this will take time. I thought this was a wise response from the mayor.

[amishmanish]

Gotta love his take about,

The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.

Open to crypto technology would have been a more suitable soundbyte though. Clearly the mayor seems to have thought through his stance on crypto. Even then, like everything about politicians, i doubt this is about anything else other than popularity. Time will tell for sure. Considering how popular Bitcoin has become amongst the young, I hope that the US legislation, whenever it comes up, leaves space for people to invest and remove these clouds of doubt and uncertainty.

[NeuroticFish]

Bitcoin breaks down from $41,000 to $35,000 which means, Adams effectively losses a 15% cut on his first wages.

Oh, yes, yet another 0-value click bait journalism. There was no loss at all since nobody has sold.
As investment it would be stupid to not hold for longer. And only when selling you will know for real if there was a profit or not.
Until then there's only virtual/unrealized profit or loss. The mayor should have been starting with telling the journalist to read just a little bit more.

[Welsh]

Even then, like everything about politicians, i doubt this is about anything else other than popularity. Time will tell for sure. Considering how popular Bitcoin has become amongst the young, I hope that the US legislation, whenever it comes up, leaves space for people to invest and remove these clouds of doubt and uncertainty.

Basically. Politicians have got to gain the support of the people, and how do they go about doing that? They either promise or implement things which appeal to a certain demographic, usually the demographic that doesn't support them, trying to persuade a new audience to begin supporting them. That's basically what this is all about. I would take this with a pinch of salt.

This was an intelligent reply, this guy is clearly not a dummy. Sure he is technically down some since he converted his US dollar denominated salary in to bitcoin, but he knows this is how markets work. They go up and down. Now Of course the hope is bitcoin will become more stable, but this will take time. I thought this was a wise response from the mayor.

I guess it depends on his goals, he could want the price to remain low while he collects a handsome amount of Bitcoin, and then trade that in when Bitcoin goes higher, effectively earning more than his base salary would allow him in fiat.

[Kakmakr]

Well slap me with a raw fish...!! Is this the same city where the BitLicense was introduced way back then? Now, we have the Mayor receiving his salary in Bitcoin (well sort of.. anyway) 

It is nice to see how Bitcoin is slowly but surely getting more and more support over the years... with it being stonewalled and sabotaged ... to a situation now, where executives are getting paid in Bitcoin.   

[kryptqnick]

He didn't get his paycheck in Bitcoin. It's said in the video that he received his paycheck and converted it to Bitcoin. That's how he lost, actually, because he converted it before Bitcoin fell. If the wage is fixed in the USD and you receive it in Bitcoin, you don't always lose. Well, I guess he would've lost in this particular case if his payout was done while Bitcoin was worth more, but generally, receiving money in BTC while it's down means receiving more in BTC (if the wage's a fixed amount in the USD), so it's a way to win, really. Also, with Bitcoin already worth $38k, it's a smaller loss already.

[batang_bitcoin]

How long he's going to receive/convert his paycheck in bitcoin, one time, two times, three times? That doesn't really matter at all and it's just the message that he's trying to convey for the recipient/conversion of it. It's a good initiative for him and he's an example to his city and he understands the volatility of it. These media really would like to think that there's something doing this. It's like those celebrities that have been paid to advertise a product and asked to receive their payment into stocks.

[Husires]

Let's move on to what the listeners want. Eric Adams is an investor and trying to get more fame with these statements.
He will earn more when the price goes up and proves that he is right and that he wants to attract young people.
In addition, it is 15% from one salary and not from a net worth, and therefore it is not a big problem.

It's like DCA strategy, he'll keep investing and at the end of the year he'll have a good bonus.

[hyudien]

Wouldn't paying with Bitcoin when the price dropped would make the amount quite a lot? and that is precisely the advantage for him in the future? with the same dollar amount but with more Bitcoins than when the price was above $45K.

As an example:
In December when the Bitcoin price was $46K, Eric Adams received his salary of $5000 = 0.10869
In January the price of Bitcoins fell drastically and on the 17th to be exact on Friday the price was at $41K, which means Adams received a salary of $5000 = 0.12195BTC.

In conclusion, more and more Adams received in the amount of Bitcoin with a nominal dollar that remained the same, namely $5000.

[fiulpro]

I do think it's a pretty good deal, at this moment the price of Bitcoins is +2.45% which does mean that he might already be making a bit of profit at the moment, I do think it depends on the mayor regarding what he is gonna do, if he is gonna withdraw at the moment or just keep his savings for the future growth 📈 which we do know will work quite well. At the same time we can all agree on one thing: He did make quite an impact on a lot of people by doing that. Being an investor and actually using your authority to influence people in the right direction ⬆️ is something that we all should appreciate plus I do think they would be adopting bitcoins on a much larger scale as well.

[avikz]

There are few things to consider. If the mayor has received the the bitcoins during the dip which is based on his dollar salary, there is no way to regret. Because the Mayor has got more units of bitcoin.

But anyway, it's really an individual matter. If I receive my salary in bitcoin and then the price drops off, I will be severely impacted because I am dependent on its value. Whatever liabilities I have, don't accept bitcoin as a payment. But that's clearly not the case with NYC mayor. For a lot of people, salary in bitcoin is a huge risk.

[DapanasFruit]

There is absolutely no reason to egret because this mayor is not really blind when he decided to took salary in Bitcoin...he knows that eventually Bitcoin will come back with a vengeance and it will not be taking a lot of months for that to happen. Of course, unlike this mayor, many people can be afraid to take something like Bitcoin or any investment tool for that matter when there is a big dip because they don't see that what we have is a big bargain sale. Unfortunately, many can be buying Bitcoin when it is already up presumably to go with the masses and they complain when they lose the value of their investment because they entered at the wrong time and do not have a long-haul mentality.

[KaliLinux]

Wouldn't paying with Bitcoin when the price dropped would make the amount quite a lot? and that is precisely the advantage for him in the future? with the same dollar amount but with more Bitcoins than when the price was above $45K.

As an example:
In December when the Bitcoin price was $46K, Eric Adams received his salary of $5000 = 0.10869
In January the price of Bitcoins fell drastically and on the 17th to be exact on Friday the price was at $41K, which means Adams received a salary of $5000 = 0.12195BTC.

In conclusion, more and more Adams received in the amount of Bitcoin with a nominal dollar that remained the same, namely $5000.

True that, but you know how all these media always wants to portray Bitcoin. Realistically, Bitcoin did drop from $41k to around $35k, and even though they understand that as long as you did not sell there is no loss there, they also trying to attach some level of regret to it which is fun. I might not want the whole of my salary in Bitcoin, maybe a % but this is the Mayor trying to send a message. 

[GreatArkansas]

To be honest, these are the best to receive Bitcoin paycheck, you can get more Bitcoin lol. Even on some internet gigs right now that pay Bitcoin, a few weeks ago I started not to convert them to USD. Having it on Bitcoin and accumulating more is the best move I can do right now, who doesn't want a cheap Bitcoin, lol.

[Poker Player]

Imagine that the mayor of New York had sold out of panic and made a statement saying that the Bitcoin was going to go to 0, lol. I think his statements are to be expected from someone who has done his research on Bitcoin, who has been investing for a long time and who knows that these dips are normal.

There are few things to consider. If the mayor has received the the bitcoins during the dip which is based on his dollar salary, there is no way to regret. Because the Mayor has got more units of bitcoin.

Exactly, if he expects, as most of us do, that the Bitcoin price is going to go up in the long run, and a lot, he will have simply conceived of this as getting Bitcoin cheaper.