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New NYC Mayor wants 0.487368 Bitcoin for first weeks on job

By Kevin Donovan

20:23, 4 November 2021

New York City Mayor Elect Eric Adams
New York City Mayor Elect Eric Adams - Source: ericadams2021.com

New York City Mayor elect Eric Adams, who ran his mayoral campaign in part on making New York more business-friendly, declared Thursday he would take his first three paycheques in Bitcoin.

In response to a Tweet from Miami mayor Francis Suarez, who has already established a MiamiCoin cryptocurrency platform, saying he would accept his next paycheque “100% in Bitcoin,” Adams Tweet replied, “In New York we always go big, so I’m going to take my first three paycheques in Bitcoin when I become mayor.”

The mayor of New York City is paid $258,740 per year, or $4,975.96 per week, before taxes. The New York City municipal payroll is on a bi-weekly schedule, so at Thursday’s $61,296 Bitcoin price, the first three paycheques would equal 0.487368 Bitcoin for Adams.

“NYC is going to be the centre of the cryptocurrency industry and other fast-growing innovative industries!” Adams added in his Tweet reply. “Just wait!”

MiamiCoin mimicry

Adams, a Democrat former Brooklyn Borough president, said in an interview Wednesday with Bloomberg Radio he wanted to emulate the MiamiCoin tokens started by Mayor Suarez in August. MiamiCoin, imagined to offset – and eventually replace tax revenue – allocates 30% of all MiamiCoin mined or purchased over the Okcoin exchange to the City of Miami.

“He has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out,” Adams said in the Wednesday interview.

NYC election results

Adams won the 2 November mayoral election by a 66.1% to 27.8%, according to the unofficial results reported by the NYC Board of Elections. Adams is scheduled to be sworn in on 1 January 2022. Adams will take over for current Mayor Bill DeBlasio, who is term-limited out.

DOGE/USD

0.13 Price
+6.510% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

170.35 Price
-0.150% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,504.20 Price
-0.190% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

66,807.75 Price
-0.400% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Notably, former Mayor Michael Bloomberg, himself a multi-billionaire, forwent his mayoral salary and instead opted for a $1 annual remuneration.

Read more: Fed will change leaders' personal investment rules

The difference between stocks and CFDs:

The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.

With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.

CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.

CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage) which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.

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