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NYC Mayor Gets First Crypto Paycheck as MicroStrategy Doubles Down Amid Selloff

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New York City Mayor Eric Adams received his first crypto paycheck, MicroStrategy  (MSTR) - Get MicroStrategy Incorporated Class A Report stuck to its game plan, and a Bored Ape sold for $1,700. Watch Ross Mac of Maconomics break down the latest cryptocurrency news on TheStreet’s ‘Crypto Minute’ on Tuesday, January 24.

Transcript:

Is now the time to be taking your paycheck in Bitcoin, while one Bored Ape Yacht Club just sold for a 99 percent discount.

I’m Ross Mac and these are the biggest cryptocurrency stories on Tuesday, January 25.

Is it a bad week to receive your paycheck in Bitcoin? NYC Mayor Eric Adams received his first paycheck, which was converted to bitcoin and ethereum through Coinbase right as the market was selling off on Friday. If you remember, Adams had previously promised to take his first three paychecks in Bitcoin back in November when Bitcoin was trading around 69,000..I think the timing couldn't have been better, given that he is buying in with Bitcoin in the mid-30,000s.

Between the market selloff and the pressure on Bitcoin, MicroStrategy is sticking to its strategy of buying and holding Bitcoin. At the end of 2021, MicroStrategy had accumulated over 124,000 BTC. CFO Phong Lee told the Wall Street Journal that the recent selloff is not changing the company's current strategy. CEO, Michael Saylor, was the first CEO to openly put Bitcoin on its company's balance sheet and they aren't slowing down anytime soon

One buyer got the steal of a lifetime on OpenSea, and was able to use an exploit to buy a Bored Ape Yacht Club NFT way below its current floor price. Seller TBaller.eth's BAYC sold for around $1,700 to a user called jpegdegenlove, according to Decrypt. The floor price of this NFT is around $200,000...Why don't I ever get this lucky

​​I’m Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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