Yet another unknowing mark suckered by the cryptocurrency industry.
—and flowed that money into the crypto exchange Coinbase. Adams’ office confirmed that he did indeed go on to convert three paychecks into cryptocurrency, splitting the money between Bitcoin and Ethereum.Some back-of-the envelope math gives a rough sense of how much money that decision has cost hizzoner. At time of writing, Bitcoin sits at $16,811.40; Ethereum is $1,229.74. Maybe they’ll have gone up since then; it’s possible, by the time you’re reading this, they’ll be lower still.
Check my work: I calculated those figures based on the daily average of each currency on each of the three paydays. I assumed that the money was parceled evenly between the two separate coins. Cryptocurrencies can fluctuate substantially in value even on a minute-by-minute basis , so it’s possible Adams arbitraged his purchases so perfectly that he beat the daily average.
“Mayor Adams believes cryptocurrency, blockchain, and other emerging technologies offer an incredible opportunity for innovation and economic growth over the long term, and he wants to see that happen right here in New York as we continue our recovery from COVID-19,” said spokesperson Jonah Allon.
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