When asked in November whether it would be
a bad economic strategy and conlict of interest
for the mayor, Adams told CNN: “I’m using my
personal money. I lost thousands of dollars in
the stock market during the stock market crash
in my retirement fund. Volatility is part of some
of the investments that we make.”
In November, Adams lew to a political
conference in Puerto Rico on the private
jet of Brock Pierce, a former child actor and
cryptocurrency entrepreneur.
A spokesperson for Adams at the time told The
New York Post that Adams paid for the ride
through a travel agent.
New York City Comptroller Brad Lander, whose
oice oversees public pension funds, said the
city’s retirement systems have no plans to invest
in digital currencies.
“We have concerns about both the volatility
and energy consumption of cryptocurrencies,
and will continue to watch developments
in the cryptocurrency industry closely,” said
Shaquana Chaneyield, a spokesperson
for Lander.
David Yermack, the chair of the inance
department at New York University’s Stern
School of Business, said the announcement was
“little more than a publicity stunt.”
“It’s no diferent than taking the proceeds of
his regular paycheck and just buying Bitcoin for
himself,” Yermack said in an email.
While the U.S. government and many states
have been wary of cryptocurrency, a small
number of cities and local oicials have
embraced it.