New York City mayor-elect Eric Adams has recently spoken out about cryptocurrency. His most recent one now suggests that cryptocurrency be taught in schools.
According to CNBC, Adams’ long-term goal for New York City is to transform the city into a “crypto hotspot.”
He stated his desire for crypto and blockchain technology to be taught as part of the educational curriculum, adding that bitcoin is a new way of paying for goods and services all over the world.
Adams, on the other hand, did not specify whether he wants it taught in elementary, high school, or college levels.
The incoming New York City mayor was also asked if he would encourage the use of cryptocurrency in city businesses.
He promised that his administration would look into it thoroughly and that they would “get it right.”
Why Is Mayor-Elect Adams So Into Cryptocurrency?
Adams was quoted shortly after winning by a landslide as wanting to receive his first three paychecks in Bitcoin.
There have been no reports indicating his personal motivations for his outspoken support for digital currency. However, this could be explained by how valuable cryptocurrency—specifically, Bitcoin—has become in recent years.
According to Coindesk, the global crypto market has now surpassed an incredible $3 trillion in total market value. Bitcoin continues to outperform everything else, with its value reaching as high as $67,700 during the recent boom. This is the highest value that Bitcoin has ever achieved.
Ether (Ethereum), on the other hand, remains firmly in second place at $4,800.
For the time being, Adams’ desire to receive his first three paychecks in Bitcoin appears to be a sound financial decision. Investing in the world’s top cryptocurrency certainly has its advantages, with no signs of a slowdown on the horizon any time soon.
What’s Next for Adams and New York City?
Aside from his statement about crypto being taught in schools, there was nothing else that indicated a more concrete roadmap. For the time being, if Adams’ plans are to be realized, he will have to face and overcome numerous obstacles.
According to the Attorney-office, General’s New York Attorney-General Letitia James recently launched an uncompromising crackdown on unregistered cryptocurrency companies in the region.
Former Obama economic adviser Jason Furman has also tweeted that Adams’ desire to make NYC the global center of the crypto industry is “bad” and a “conflict of interest:”
Not only is this a bad economic strategy for NYC and a bad investment decision, it also seems like a conflict of interest.
Like a Mayor announcing “I’m buying a lot of Amazon stock and then going to put in places policies to benefit Amazon.”https://t.co/kuSQ06KVj4
— Jason Furman (@jasonfurman) November 5, 2021
Cryptocurrencies may be valuable right now, but they’ve always had a reputation for being volatile—and, in some cases, vulnerable to scams.
The cryptocurrency based on the massively popular Netflix show “Squid Game” is a prime example. After prices reached as high as $2,800, the creators of the “Squid Game” cryptocurrency shut down the website, effectively stealing millions from investors.
According to the BBC, it was one of the largest crypto scams in recent memory, with the scammers making off with approximately $3.38 million.