Well Well…lt looks like yesterdays warning came true for BTC. We are sitting at $38K and it doesn’t feel good. But not all is bad news. What do ya know? The new Mayor of NYC Eric Adams accepted his first of three paychecks, ($97,000 annualized), in cryptocurrency. The Mayor stated “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being at the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
Yesterday Adams announced that he will be taking his pay in Bitcoin and Ether, with the first payment today. The devil is in the details with this story however, the mayor’s salary won’t technically be paid in “crypto”. It will be issued in fiat as U.S. dollars and then converted.
What? Why are you lying? I know this seems like a clickbait headline but the devil is here: the US Department of Labor and various state-level regulators dictate that resident employees in the US can’t receive their pay directly in crypto. This is because of the Internal Revenue Service who classifies “dollar wage payments” as income,and cryptocurrencies are classified as property. You can’t get paid in property… which is…. Silly.
Whether or not you think this is a legit payment the fact remains that Adams is converting his pay into Crypto which given the state of the world economy is the smartest idea to come out of a New York Mayor’s mouth in a very long time.