One of the world’s largest cryptocurrency exchanges recently imploded and crypto investors have suffered trillion dollar losses. But New York City Mayor Eric Adams is showing no signs of retreating from the industry, saying it is one 'we must embrace.'
future of commerce“These industries are not going to go away because they reached a low point,” he said Tuesday during an unrelated press conference. “This is an industry that we must embrace.”
“Cryptocurrency is a self-assembled Ponzi scheme made up of Ponzi schemes, stock frauds and other financial scams,” said Nicholas Weaver, a computer scientist at the University of California at Berkeley who has been an outspoken critic of the industry. Adams, who studied to be a computer programmer, was an early crypto booster. After winning the general election last year, heto attend the Somos conference, an annual political networking event, in Puerto Rico. As mayor, he elected to have his first three paychecks converted into bitcoin and ethereum, two popular cryptocurrencies.
That the mayor would invest time in trying to find applications for crypto suggested a real opportunity cost to taxpayers, according to Kaehny. “You’re not spending time on real immediate problems,” he said.
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