Eric Adams (D-NY), the New York City mayor who made headlines as the first U.S. mayor to accept his first three paychecks in Bitcoin, has ended his campaign for reelection.
Adams’s embrace of crypto defined much of his early tenure. At a New York City crypto summit, he declared:
“I smell money, crypto, crypto, blockchain … we embrace technology … if the mayor of the greatest city is willing to talk about blockchain, Bitcoin … it is going to compel people.”
He frequently spoke of his ambition to make New York “the crypto capital of the globe,” positioning the city at the forefront of digital asset innovation.
Adams, a former member of the New York Police Department (NYPD), often described himself as an innovator. He maintained that technology was not something for the future, but rather that crypto, blockchain, and tokenization were paving the way for the new growth era in New York City.
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Establishing New York as the center of a “technological revolution,” he stated that he would bring a world-class talented people, create opportunities for underbanked communities, and modernize governmental services to make them more effective and user-friendly.
Eric Adams drops out citing media speculation
However, on Sunday, Adams made a video announcement on X that he would not pursue another term. “Despite all we’ve achieved, I cannot continue my reelection campaign.” Adams said that the ongoing media speculation regarding his future. He added:
“The campaign’s finance board’s decision to withhold millions of dollars [has] undermined my ability to raise the funds needed for a serious campaign.”
Adams also said:
“This campaign was for the underserved, the marginalized, the abandoned, and betrayed by government. Since then, it has been my honor to be your mayor, and I’m proud to say that we took that victory four years ago and turned it into action, making this city better for those who have been failed by government.”