How Eric Adams is Pushing New York to be the Cryptocurrency Capital

Adams’ Vision for a Crypto-Centric NYC

Since taking office in January, Mayor Eric Adams has been vocal about his ambition for New York City to become the leading hub for cryptocurrency. This ambitious vision was part of his campaign platform back in November 2021, when crypto prices glittered with potential, not the daily grind of downturns that followed.

Investing in Uncertainty: From Paychecks to BTC

Adams didn’t just talk the talk; he walked the walk—or rather, he crypted the crypt. He converted his first three paychecks into Bitcoin (BTC) and Ethereum (ETH) during the market’s earlier exuberance. This move certainly raised eyebrows, not to mention the virtual eyebrows of his portfolio, as reports indicate some of his investments might have sunk by a whopping 60% thanks to the crypto winter.

Echoes of Optimism amidst Price Drops

Spokesperson Jonah Allon reiterated the mayor’s faith in crypto, claiming, “price fluctuations are an expected feature of the market.” It’s almost as if Adams has learned to play a game of financial hopscotch, carefully navigating the ups and downs, because, let’s face it, crypto can sometimes feel like a roller coaster designed by someone who skipped physics class.

Market Fluctuations: A Case of Crypto-Nostalgia

• Bitcoin: Down over 66% this year, currently priced at $16,998
• Ethereum: Dipped roughly 70%, now at $1,249

Such figures might make a seasoned investor sweat more than a summer day in Times Square.

The Legislative Landscape: Challenges and Changes

Adams is not alone in the crypto concern huddle. New York state’s recent two-year moratorium on proof-of-work mining with non-renewable energy sources is a significant regulatory landmine that could affect the city’s crypto ambitions. Meanwhile, the NewYorkCityCoin (NYCCoin), launched during Adam’s election buzz, has seen its value plummet over 93%, hovering around $0.0003—talk about a rough ride!

Regulatory Moves Following FTX Collapse

The implosion of crypto exchange FTX appears to have shifted gears for state lawmakers and regulators. New York Attorney General Letitia James is raising red flags around retirement funds investing in crypto, urging caution in volatile waters. On another front, Representative Ritchie Torres has asked for inquiries into the Securities and Exchange Commission to ensure the right steps are being taken for crypto regulation. The call for accountability has never been stronger, as the wild west of crypto seems less wild and more like a chaotic city street after the stock market closes.