Why Eric Adams Failed to Make NYC a Crypto Hub
Connor Sephton is a journalist based in London, who also works for Sky News and the BBC as a radio newsreader and online reporter. He has covered crypto since 2018 — reporting from major conferences...
Elena is the Features Lead at Cryptonews.com. With a Master's degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.
New York City Mayor Eric Adams is best known in crypto circles for being unabashedly pro-Bitcoin — even engaging in friendly rivalry with Miami counterpart Francis Suarez.
Back in 2021, he vowed on X that he planned to take his first three paychecks as mayor in BTC and ETH, and make NYC the beating heart of the crypto sector.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
Unfortunately though, his rhetoric hasn’t always matched up to reality.
He was unsuccessful in attempts to block New York State proposals to impose a two-year moratorium on Bitcoin mined using fossil fuels. While you could argue this policy is good from an environmental standpoint, Adams had raised fears that this would “put barriers in place” that prevent NY from becoming an attractive destination for crypto businesses.
Adams’ Democratic counterpart Kathy Hochul declined to veto the measures and they came into force in November 2022 — affecting all Proof-of-Work cryptocurrencies.
Meanwhile, the mayor was left red-faced after it emerged that he had failed to declare his BTC holdings last year. Even though Adams had vowed that he would not sell his digital assets during the recent bear market,
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