Mayor of New York promises to make city global crypto center
2022.12.12 12:33
Mayor of New York promises to make city global crypto center
Budrigannews.com – Despite a drop in the price of many tokens in 2022, Eric Adams, who was elected mayor of New York City in January, is said to have stood by a campaign promise to make the city a crypto hub.
Slate reported on December 12 that Adams still wanted New York City to be the “center of the cryptocurrency industry.” This was one of his plans when he ran for mayor in November 2021. In January and February, prior to the crypto market downturn, the New York City mayor reportedly converted the first of his three paychecks while in office into Bitcoin (BTC) and Ether (ETH).
According to reports, Jonah Allon, Adams’ press secretary, stated, “Mayor Adams believes cryptocurrency, blockchain, and other emerging technologies offer an incredible opportunity for innovation and economic growth over the long term, and he wants to see that happen right here in New York.” It is naive to believe that setbacks in an industry are an indication that it will not experience long-term growth. As with all financial products, price fluctuations are an expected part of the market.
Based on the price of BTC and ETH, Slate’s estimates suggested that Adams may have lost up to 60% of his crypto investment, assuming he HODLED those funds. The BTC price was $16,998 at the time of publication, having decreased by more than 66% over the previous year, while the ETH price was $1,249, having decreased by roughly 70% over the same period.
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The New York state government enacted a law that will impose a two-year moratorium on proof-of-work mining while Adams was in office. The NewYorkCityCoin (NYCCoin) project, which was launched in November 2021 with the support of the then-mayor-elect, has also seen a drop of more than 93 percent over the past year, reaching a price of about $0.0003 at the time this article was written.
Letitia James, the attorney general of New York, suggested that crypto investments should not be allowed in certain retirement funds following the collapse of the cryptocurrency exchange FTX. Additionally, on December 6, New York Representative Ritchie Torres wrote a letter requesting an investigation into the Securities and Exchange Commission’s handling of FTX by the U.S. Government Accountability Office.
