As Crypto Continues to Crash, Let’s Check in on Eric Adams’s Crypto Wallet

Eric Adams came into office at the high water mark of crypto enthusiasm. Newly minted billionaires were happy to shower him with jet rides to the Caribbean, he made splashy appearances at crypto conferences, and he shared that he wanted crypto taught in New York City schools. 

But since this spring, things have turned quite dark in crypto land. The market has cratered, and even the most high-profile, seemingly unassailable crypto speculator, Sam Bankman-Fried, is now in serious trouble. ("Trouble" might be an understatement.) Bankman-Fried had a penchant for essentially admitting his crypto exchange was a scam, and also promised to shower Democrats with a billion dollars in support during the midterm elections (like his company, that promise was all smoke). 

So now it's time to check in on our best estimate of how Eric Adams's first three paychecks, which he said he converted to cryptocurrency, are now doing. Last time we looked in May, Adams had lost between 22 percent and 25 percent of what he had invested in the two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). 

And here's how things currently stand:

Ah, that’s bad. Eric Adams has lost 58 percent of his first three paychecks, by converting them into a speculative investment vehicle that he was actively touting at the time. 

When we previously asked City Hall about the last hit to the mayor's crypto wallet, a spokesperson responded, "Mayor Adams believes cryptocurrency and blockchain technologies can play a key role in promoting an equitable recovery and building wealth in underserved communities throughout our city."

Well, how about now? Has the evaporation of trillions of dollars changed the way Eric Adams feels about the crypto market? 

"Supporting innovation is very different than suggesting that anyone invest in any particular financial product, and the mayor hasn't and wouldn't suggest that New Yorkers of any financial background make any specific investments," City Hall spokesperson Jonah Allon wrote to Hell Gate. "As with all financial products, price fluctuations are an expected feature of the market—and it is shortsighted to believe that setbacks in an industry are an indication that it won't experience long-term growth."

Since Adams still appears to be keeping HODL, maybe some of it will rub off on Bankman-Fried: The two of them are due to speak together at a New York Times DealBook event at the end of the month.