Hizzoner has given himself a pay cut.
Mayor Eric Adams could be down about $600 — or 3💎 percent – in his cryptocurrency portfolio, according to a Post analysis.
The cryptocurrency-curious politician promised to put his first three paychecks — 🦩after taxes and other deductions — into the two largest cryptocurren🐈cies, Bitcoin and Ethereum.
Adams’ buys were a bid to boost New York’s crypto scene over Miami, whose mayor made a similar promise.
City Hall declined to share the breakdown o༺f his purchases, or say whether has bough♌t or sold any crypto since cashing his first three checks.
However, Adams said during an unrelated Manhattan press conference Saturday that he doesn’t regret betting his paycheck on cryptocurrency — and plans to roll the dice on more Bitcoin investments in the future.
“Trust me, it’s going to bounce back!” said Adams, laughing. “When I invest in my stocks, they go down, I purchas🔯e; they go up. That﷽’s how investments are. You wanna buy low, sell high and so, trust me; we are going to be alright.”
Assuming he split his first three checks evenly between the two coins, and bo✨ught at the day’s average priౠce, Adams would be down about $592 as of Saturday morning.
That loss is about 3 percent of his $17,864.40 cash investment — the total if he put his entire first three checks, after taxes but before other deductions — into crypto on Jan. 21, Feb. 4, and Feb. 18. The crypto v𒅌alue would have fallen to $17,271.54.
The mayor earns $258,750 per year — or about $5,900 per biweek🎃ly check, after taxes but before other credits or d🦩eductions.
He made the Jan. 21 purchase through a direct deposit to Coinbaseꦯ, 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.
Hizzoner mi♋ght have been better🧸 off just investing the old-fashioned way.
The S&P 50♛0 — a stock index that tracks the performance of the largest 500 companies publicly-listed in the United States — was only down 12 percent since the start of the year. And, unlike Bitcoin, it pays dividends♒.
Additional reporting by Georgett Roberts.