NYC mayor Eric Adams converted his first paycheck into Bitcoin and Ether last week — then the crypto market crashed

New York City Mayor Eric Adams converted his first paycheck to cryptocurrencies last Friday.Adams took office on January 1. He said after winning the mayoral race that he would take his first three paychecks in digital currency.New York is going to be the center of the innovative industries of the future. Just wait! Adams said on November 5.Adams may have lost $1,000 through Monday based on his first gross biweekly paycheck of $9,924.66. The calculation is based on Thursday's closing prices for the two cryptocurrencies.The first paycheck of Adams was credited to his account via the deposit service of Coinbase, but the company had no information about the mayor's allocation of ether and bitcoins. The mayor's office did not reply immediately.Even before the weekend's massive losses total $350 billion, cryptocurrencies were already under pressure as investors fret over looming interest rate hikes.Year-to-date, ether is down over 30%, while Bitcoin is 22% lower.Adams doesn't appear stressed despite the market turmoil.He told CNN that the purpose of the currency was to send a message to New York City. New technology in the city of New York will encourage young people to be involved in new emerging markets.At least one high-profile supporter has already supported the strategy. Daniel Rosenthal, CEO of the company, said that the mayor's embrace of cryptocurrencies was a factor in his plans to triple the company's workforce in New York City.