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NYC Mayoral Front Runner Eric Adams Says City Will Become 'Center of Bitcoins'
"We're going to become the center of life science, the center of cybersecurity ... the center of bitcoins," said Adams.
Updated Sep 14, 2021, 1:16 p.m. Published Jun 24, 2021, 12:45 a.m.
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On the eve of New York City's mayoral race on Tuesday, Democratic front runner Eric Adams has given a brief endorsement of the world's largest cryptocurrency.
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"I'm going to promise you in one year ... you're going to see a different city," said Adams. "We're going to become the center of life science, the center of cybersecurity, the center of self driving cars, drones, the center of bitcoins."
Adams, who leads his party rivals in every borough across the city with the exception of Manhattan, has campaigned on promises to fight the city's crime and promote its economic prosperity. He has managed to unite vast swathes of Black and Latino voters.
See also: Republican House Campaign Arm to Accept Donations in Crypto
Adams currently holds a lead of 75,000 votes ahead of his closest rival, Maya Wiley, according to a New York Times report on Wednesday.
Former Democratic presidential candidate Andrew Yang, a longtime bitcoin proponent and cryptocurrency advocate, dropped out of the mayoral race in its earlier stages, acruing only 11.7% of total votes.
One of Adams' donors is an early crypto investor and former child actor Brock Pierce, who gave $2,000 to the front-runner's campaign in December, public records show. According to the New York City Campaign Finance Board, Pierce has given $10,000 to New York City politicians.
Update (May 24, 21:00 UTC): Added information about Brock Pierce's political donations.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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