Crypto Should Be Taught In Schools--NYC Mayor-Elect

RJ Pierce, Tech Times 08 November 2021, 08:11 pm

Crypto has been at the forefront of recent statements from New York City mayor-elect Eric Adams. Now, his most recent one says that cryptocurrency should be taught in schools.

(Photo : Andrew Lichtenstein/Corbis via Getty Images)
NEW YORK, NEW YORK - NOVEMBER 2: Mayoral candidate Eric Adams delivers his victory speech after defeating his Republican opponent to become the 110th mayor of New York City, November 2, 2021 at the Marriott Hotel in downtown Brooklyn, in New York City.

Adams' long-term plan for NYC has him wanting to turn the city into a so-called crypto hotspot, reports CNBC.

He made his desire to have crypto and blockchain tech be taught as part of the educational curriculum, further stating that the likes of bitcoin is a new way of paying for goods and services all over the world.

Adams, however, didn't explicitly say whether he wants it taught in elementary, high school, or college levels.

The incoming NYC mayor was also asked about whether he would encourage the use of crypto for businesses throughout the city.

He said that his administration would be looking into it intently, while also promising that they will "get it right."

Why Is Mayor-Elect Adams All-In On Crypto?

Shortly after winning in a landslide, Adams was quoted as wanting to have his first three paychecks in Bitcoin.

There are no reports indicating his personal reasons for his very vocal support of the digital currency. But perhaps this could be explained with just how valuable cryptocurrency--specifically Bitcoin--has grown over the past few years.

(Photo : Getty Images )

Coindesk just reported that the global crypto market has now surpassed an insane $3 trillion in total market value. Bitcoin still leads everything else with its value rising to as much as $67,700 in the recent boom.This is the highest valuation that Bitcoin ever achieved so far.

Ether (Ethereum), on the other hand, maintains its solid grip on second place at $4,800.

Adams' desire to have his first three paychecks in Bitcoin seem to be a good financial decision for the time-being. Investing in the world's top cryptocurrency certainly has its perks, with slowdowns not visible on the horizon anytime soon.

What's Next For Adams And NYC?

Aside from his statement regarding having crypto taught in schools, there was nothing else indicating a more concrete roadmap. For now, if Adams' plans are to come to fruition, he'll have to encounter and overcome a lot of hurdles.

Recently, NY Attorney-General Letitia James launched an uncompromising crackdown on unregistered cryptocurrency companies within the region, as per the Attorney-General's office.

There's also opposition from former Obama economic Jason Furman, who 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 might be valuable right now, but they've always had a reputation for being volatile--and sometimes, even prone to scams.

One perfect example is the cryptocurrency based on the massively popular Netflix show "Squid Game." After prices peaked to as high as $2,800, the creators of the "Squid Game" crypto shut down the website and effectively stole millions from people who invested.

It was considered one of the biggest crypto scams in recent memory, as the scammers made off with around $3.38 million, writes the BBC.

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Written by RJ Pierce