For NYC Mayor Eric Adams, the hands are still diamond. Despite the bear market, he is standing behind a campaign pledge to make the city a crypto hub
“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. At the time of publication, the BTC price was $16,998, having dropped more than 66% in the previous 12 months, while ETH was $1,249, having fallen roughly 70% over the same period.which will implement a two-year moratorium on proof-of-work mining.
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