Eric Adams Likes Crypto, but Does He Understand It?

by
Nick Marinoff
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New York City mayor Eric Adams is a crypto bull. There’s no denying that. He seems to really take bitcoin to heart. He loves the technology behind it, and he’s so confident in its abilities, he has stated that he wants crypto taught in schools so children are ready and prepared for what will surely be a crypto-dominated financial system in the future.

Eric Adams Doesn’t Seem to Understand Where Crypto Comes From

All this sounds fine and dandy, but if there is anything Adams’ most recent crypto-related comments tell us, it’s that while he seems to love crypto, he arguably doesn’t understand it. Not long ago, Adams came out against crypto mining and said that he sides with environmentalists who would like to see the process stopped in its tracks.

He explained:

I support cryptocurrency, not crypto mining.

There is a bit of a conundrum here. Does Adams not understand how digital currency works? Does he not understand where it comes from? You can’t be pro crypto but against the mining process. This is how crypto is established. It is extracted from the blockchain and placed in circulation, so if you’re going to trade it or use it in any way, it needs to be mined first.

Despite this, Adams is still getting criticized from environmentalists who feel he did not take enough of a stance in his speech. While Adams has explained that he’s not necessarily for crypto mining, he has also not stated anything about banning crypto in New York City, which seems to have irked people who want to put the atmosphere before bitcoin. They want to see Adams place his finger on a button that allegedly blows crypto mining plants into space never to be seen again.

Others, however, are grateful that Adams has taken such a position. Seneca Lake Guardian, for example, is an environmental nonprofit that praised Adams for discussing his anti-mining opinion. In a statement, the organization said:

Seneca Lake Guardian is relieved to see that Mayor Adams has heard us and understands the major threats that bitcoin mining poses to New York State. Bitcoin mining could cost New Yorkers millions of dollars in energy bills while kneecapping local businesses, poisoning our water, and filling our air with deadly CO2 emissions.

New York has been trapped in an anti-crypto mining frame of mind for quite a while. In fact, democratic gubernatorial candidate Jumaane Williams is basing part of his campaign on limiting digital currency mining within the state. In a recent interview, he commented that many mining projects in New York need to be shut down so they can reevaluate how they use energy and what they’re doing to the planet.

Limiting Mining in New York

He said:

We have to have the will to force these companies, if that’s what they’re going to do, they have to do it in a more climate friendly way.