Home News NYC Mayor Adams has lost as much as $5.8K on crypto investment...

NYC Mayor Adams has lost as much as $5.8K on crypto investment due to market volatility: Daily News analysis

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NEW YORK DAILY NEWS:

Mayor Adams may have some buyer’s remorse.

After fashioning himself as a cryptocurrency booster on the campaign trail last year, Adams converted his first three City Hall paychecks into Bitcoin and Ethereum, two popular digital currencies that have dropped precipitously in value as part of a massive market selloff that began May 4.

As a result of the market plunge, Hizzoner has lost upward of $5,800 on his much-hyped crypto investment, according to a Daily News analysis.

With an annual wage of $258,750, Adams collects bi-weekly paychecks worth $9,924.66 before taxes and other deductions, according to a City Hall official.

The official declined to specify Adams’ deductions — but for the sake of calculating an estimated loss on the mayor’s crypto investment, The News ballparked his tax rate by using Smart Asset’s digital calculator.

The calculator, which takes federal, state and local taxes into account, estimated that someone living in New York City with Adams’ annual wage would have a 40.6% tax rate. That means Adams’ take-home pay on his bi-weekly paycheck would be $6,405, according to Smart Asset.

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