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SNEAK PEEK
- Mayor Adams’ overlooked crypto holdings prompt disclosure revision.
- Adams maintains crypto optimism despite the market downturn.
- NYC challenges Miami as a top crypto destination.
In a surprising twist, New York City’s Mayor, Eric Adams, recently faced a revision of his annual financial disclosure. The need for this arises from his previously unreported holdings in the dynamic world of cryptocurrency.
On the disclosure form submitted to the Conflicts of Interest Board, Adams marked “no” when questioned about his ownership of securities or cryptocurrencies exceeding a value of $1,000. However, a spokesperson for Adams addressed this oversight on Thursday, attributing it to a misunderstanding of the query.
Interestingly, the mayor’s top aides had dutifully reported their respective stakes in Bitcoin and Ether. Nonetheless, Adams had remained mum about his own. The value of the mayor’s crypto holdings remains under wraps, yet it’s clear that Adams is no stranger to the crypto world.
Based on the news, in 2021, hot on the heels of his electoral triumph, Adams embraced the allure of cryptocurrency, even as Bitcoin was charging toward a record high of nearly $70,000 a coin. The crypto scene has since chilled, with Bitcoin currently trading at around $31,500.
Despite this downturn, Adams remained a steadfast crypto advocate. Indeed, he shared that he kept his investment in crypto even as the sector plummeted into a so-called “crypto winter” in 2022.
On the same accord, Adams’ keenness for crypto isn’t without purpose. As per reports, the mayor is actively pitching NYC as a competitor to Miami, aiming to lure the tech and crypto aficionados flocking to Florida, attracted by Mayor Francis Suarez’s progressive crypto policies. While New York’s crypto regulations are notably stringent, Adams stands as a pro-crypto beacon.
For comparison, Suarez reported $71,321 in crypto holdings at the end of 2022, along with a net worth increase of $3.4 million. Details on whether Suarez converted part of his crypto assets into fiat cash or if his income dwindled due to the bearish market remain elusive.
In conclusion, it remains to be seen how Mayor Adams’ crypto holdings will impact his political image. One thing, however, is clear. The interplay between politics and cryptocurrency continues to become more entwined, marking an exciting era for crypto enthusiasts.
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- Source: https://investorbites.com/nyc-mayor-eric-adams-to-amend-financial-disclosure-overlook-crypto-assets/
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