{"id":525683,"date":"2022-12-12T20:30:00","date_gmt":"2022-12-12T17:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyc-mayor-stands-by-bitcoin-pledge-amid-bear-market-ftx-report\/"},"modified":"2022-12-12T20:30:00","modified_gmt":"2022-12-12T17:30:00","slug":"nyc-mayor-stands-by-bitcoin-pledge-amid-bear-market-ftx-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyc-mayor-stands-by-bitcoin-pledge-amid-bear-market-ftx-report\/","title":{"rendered":"# NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b01dc05831\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b01dc05831\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nyc-mayor-stands-by-bitcoin-pledge-amid-bear-market-ftx-report\/#%E2%80%9D_NYC_Mayor_stands_by_Bitcoin_pledge_amid_bear_market_FTX_Report_%E2%80%9C\" >&#8221; NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_NYC_Mayor_stands_by_Bitcoin_pledge_amid_bear_market_FTX_Report_%E2%80%9C\"><\/span>&#8221; NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-30a6cf80>Eric Adams, who became mayor of New York City in January, has reportedly stood behind a campaign pledge to make the city a crypto hub, despite a drop in the price of many tokens in 2022.<\/p>\n<p>According to a Dec. 12 report from Slate, Adams <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/slate.com\/news-and-politics\/2022\/12\/eric-adams-crypto-paychecks-new-york-city-bitcoin-ethereum.html\">suggested<\/a> he still wanted New York City to be the \u201ccenter of the cryptocurrency industry\u201d \u2014 one of the plans he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ericadamsfornyc\/status\/1456311827550384129\">announced<\/a> during his mayoral run in November 2021. The New York City mayor reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theverge.com\/2022\/1\/22\/22896232\/nyc-mayor-bitcoin-crypto-market-eric-adams\">converted<\/a> the first of his three paychecks while in office into Bitcoin (BTC) and Ether (ETH) in January and February, prior to the crypto market downturn.<\/p>\n<p>\u201cMayor 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 h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en right here in New York,\u201d reportedly said Jonah Allon, a press secretary for Adams. \u201cAs with all financial products, price fluctuations are an expected feature of the market \u2014 and it is shortsighted to believe that setbacks in an industry are an indication that it won\u2019t experience long-term growth.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/436ddb47-4cb3-44fe-b0a2-20361af72c74.png\"><\/figure>\n<p>Slate\u2019s estimates suggested that Adams may have lost up to 60% of his crypto investment \u2014 assuming he HODLed those funds \u2014 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.\u00a0<\/p>\n<p>During Adams\u2019 time in office, the New York state government passed a law which will implement a two-year moratorium on proof-of-work mining. The NewYorkCityCoin (NYCCoin) project, which launched in November 2021 with the then mayor-elect\u2019s support, has also fallen more than 93% in the last 12 months, reaching a price of roughly $0.0003 at the time of publication. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto City: Guide to New York<\/em><\/strong><\/p>\n<p>The collapse of crypto exchange FTX has also seemingly spurred state regulators and lawmakers to action, with New York Attorney <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Letitia James recommending that crypto investments be prohibited from certain retirement funds. New York Representative Ritchie Torres also penned a letter on Dec. 6 requesting the U.S. Government Accountability Office look into the performance of the Securities and Exchange Commission regarding FTX. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nyc-mayor-stands-by-bitcoin-pledge-amid-bear-market-ftx-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report &#8220; Eric Adams, who became mayor of New York City in January, has reportedly stood behind a campaign pledge to make the city a crypto hub, despite a drop in the price of many tokens in 2022. According to a Dec. 12 report&#8230;<\/p>\n","protected":false},"author":1,"featured_media":525684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/2e0c2ae1-9f2b-44e8-a07a-a50ff443ec92.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76276,3885,70934,67874],"class_list":["post-525683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-payments","tag-new-york","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=525683"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/525684"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=525683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=525683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=525683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}