But What Will Happen to the Value of LoomCoin?
I love cryptocurrency. “I am making up my own fucking money. I am a very serious person.” It’s so ridiculous on the face of it that it makes Oral Roberts smile from the grave. Instead of God as the reason for the grift, it’s libertarian nonsense. I imagine most of Aaron Rodgers’ money is tied up in crypto at this point. Anyway, I hope everyone involved in this loses their entire investment of made up bullshit money. The best thing about last week is that a lot of that “money” was lost!
Bitcoin (BTC-USD) plunged by over 10% to below $40,000 on Friday, with the rest of the cryptocurrency market following suit as risk aversion created a downdraft for markets, ahead of the Federal Reserve’s widely telegraphed plans to raise interest rates.
With Russia’s move to ban crypto assets lighting the fuse of the latest plunge, Bitcoin’s price moves have become closely linked to technology shares, which have slumped on rate hike fears. On Friday, the Nasdaq tumbled deeper into correction territory, after Netflix (NFLX) surprised investors with weaker-than-expected subscriber growth.
Bitcoin has been “hit by another wave of risk aversion in the markets,” said Oanda analyst Craig Erlam, sinking below a key level of technical resistance at $40,000, where bulls and bears have fought for days.
You love to see it.
But hey, at least Eric Adams, New York’s latest clownshow mayor (What is what that city’s idiot voters anyway? Between Koch, Giuliani, Bloomberg, DeBlasio, and Adams, I mean is Dinkins the only decent mayor of my lifetime?) has a response!
Even in the midst of a crypto slump, New York City Mayor Eric Adams isn’t backing out of his plans to take his first three paychecks in Bitcoin and Ethereum. Bitcoin fell beneath $36,000 on Friday — a 47 percent dive from its all-time high in November — dragging the entire cryptocurrency market cap below $2 trillion.
Adams officially received his first paycheck yesterday, which was converted to Bitcoin and Ethereum through cryptocurrency exchange Coinbase. According to the New York Post, the NYC mayor receives biweekly paychecks of about $5,900, amounting to a salary of $258,750 a year. Adams didn’t reveal how much of his $5,900 check is split between Bitcoin and Ethereum, but if the crypto market continues to trend downwards, the funds from Adams’ first check may quickly evaporate.
Mayor Adams announced he would take his first three paychecks in Bitcoin last November (which, of course, was just before Bitcoin reached a record $69,000). The move came out of a Twitter exchange between Adams and Miami Mayor Francis Suarez, who said he would receive his next paycheck in Bitcoin. Adams wanted to take things a bit further, though, electing to get not one, but three paychecks in digital currency, as part of his bid to turn NYC into “the center of cryptocurrency.”
Really, New York deserves whatever it gets over the next four years. Like with the anti-vaxxer morons, sometimes in life, you get what you ask for.
But hey, at least Adams’ first paycheck only doubled the entire city’s carbon footprint!