Eric Adams, New York City’s mayor, was elected in January. He has been reported to have stood by a campaign pledge that the city would be a crypto hub despite a decline in the price many tokens in 2022.
Slate reported that Adams was the top-performing author according to a December 12 report. suggested he still wanted New York City to be the “center of the cryptocurrency industry” — one of the plans he announced During his mayoral race in November 2021. According to reports, New York City Mayor Michael Bloomberg reportedly converted He received his first paycheck in February and January, respectively, just before the market crash.
“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,” reportedly said Jonah Allon, a press secretary for Adams. “As with all financial products, price fluctuations are an expected feature of the market — and it is shortsighted to believe that setbacks in an industry are an indication that it won’t experience long-term growth.”
Slate’s estimates suggested that Adams may have lost up to 60% of his crypto investment — assuming he hodled those funds — based on the price of BTC and ETH. BTC was $16,998, dropping more than 66% during the last 12 months. ETH, however, was $1,249 after falling roughly 70% during the same period.
During Adams’ time in office, the New York state government passed a law that will implement a two-year moratorium on proof-of-work mining using non-renewable energy sources. The NewYorkCityCoin (NYCCoin) project, which launched in November 2021 with the then mayor-elect’s support, has also fallen more than 93% in the last 12 months, reaching a price of roughly $0.0003 at the time of publication.
Related: Guide to New York Crypto City
The fall of crypto exchange FTX seems to have prompted state regulators, lawmakers, and lawmakers to take action. New York Attorney general Letitia James recommended that crypto investments not be allowed in certain retirement funds. Ritchie Torres (New York Representative) also sent a Dec. 6th letter requesting that U.S. Government Accountability Office examine the performance and integrity of the Securities and Exchange Commission with regard to FTX.