Eric Adams, the former mayor of New York City (2022–2025), has been one of the most vocal political advocates for cryptocurrency in the United States. His crypto journey began before he even took office. In November 2021, then-mayor-elect Adams promised to convert his first three mayoral paychecks into Bitcoin, a pledge he followed through on in January 2022. At the time, those three paychecks were worth approximately $32,000[reference:1].
Adams cultivated close ties with the crypto industry, including Bitcoin billionaire and former child actor Brock Pierce[reference:2]. He consistently reiterated his desire to make New York the "crypto capital of the world". In 2024, Adams reported his Bitcoin holdings were valued between $5,000 and nearly $55,000[reference:5].
📌 Key point: Adams' crypto advocacy was not just personal—it shaped city policy, culminating in the creation of a dedicated municipal office for digital assets.
In October 2025, Mayor Adams signed Executive Order 57, establishing the New York City Office of Digital Assets and Blockchain—the first-ever mayoral office of its kind in the nation[reference:6]. The office was designed to:
Adams also hosted a crypto summit at Gracie Mansion in May 2025 and, in December 2025, released a 61-page "blockchain plan" as a guide for city agencies[reference:12]. However, his successor, Mayor Zohran Mamdani, rescinded several of Adams' executive orders shortly after taking office on January 1, 2026[reference:13].
Just two weeks after leaving office, Adams stood in Times Square on January 12, 2026 to announce his first post-mayoral initiative: the NYC Token ($NYC), a cryptocurrency on the Solana blockchain[reference:14][reference:15].
Adams pitched the token as a mission-driven project. He claimed proceeds would go toward:
However, details were remarkably vague. Adams declined to name his partners, saying "It's all on the website"[reference:22]—but the website lacked any team information, whitepaper, or functional buy buttons at launch[reference:23]. He stated he would not take a salary "at this time" but left open the possibility of doing so "down the line".
⚠️ Red flag: Lack of transparency about the team, tokenomics, and use of funds are classic warning signs in the crypto space.
The NYC Token experienced one of the most dramatic launches in recent meme-coin history. Here are the key data points:
The token surged to a nearly $600 million valuation within minutes of its launch[reference:26][reference:27]. According to Dexscreener, it reached a market cap of more than $87 million.
The token then went into free fall, losing nearly 75% of its value by that evening[reference:29][reference:30]. Some reports indicate it dropped as much as 80% within the first half-hour[reference:31].
According to the crypto-analytics firm Bubblemaps, a wallet linked to the token's creation withdrew $2.5 million worth of coins near the market peak[reference:32]. Approximately $1.5 million was later returned, but roughly $900,000 was not[reference:34]. The token had a total supply of 1 billion coins, with 70% allocated to a reserve excluded from circulating supply.
The on-chain activity immediately sparked allegations of a "rug pull"—a scheme where insiders hype a token, attract investors, then dump their holdings, leaving retail investors with worthless assets[reference:37].
Adams and his team have strongly denied the allegations. Through spokesperson Todd Shapiro, Adams stated:
Adams attributed the liquidity movement to a "market maker" making adjustments "in an attempt to keep trading running smoothly". He also claimed the team "has not sold any tokens and are subject to lockups and transfer restrictions".
However, the lack of transparency—refusing to name partners[reference:43], a non-functional website, and the massive liquidity withdrawal—has left many crypto observers skeptical. The token's launch also drew criticism from Adams' successor, Mayor Zohran Mamdani, who said he holds no crypto and would not buy the token[reference:45].
The NYC Token saga illustrates several critical risks that users should be aware of when evaluating celebrity-endorsed or politically-linked cryptocurrencies:
⚠️ Critical: Celebrity and political endorsements do not make a cryptocurrency legitimate or safe. Always conduct independent research, verify on-chain data, and never invest more than you can afford to lose.
It is useful to distinguish between Adams' policy initiatives (the Office of Digital Assets) and his personal venture (NYC Token). The table below highlights the differences.
| Feature | Office of Digital Assets (Policy) | NYC Token (Meme Coin) |
|---|---|---|
| Type | Government agency / regulatory framework | Meme cryptocurrency on Solana |
| Purpose | Promote responsible blockchain innovation, economic growth | Generate revenue for antisemitism education (claimed) |
| Transparency | Public executive order, official appointments, press releases[reference:53] | Anonymous team, vague website, no whitepaper |
| Risk Level | Low (policy/regulatory) | Extremely high (speculative, volatile) |
| Outcome | Rescinded by successor Mamdani[reference:55] | Crashed 75%+ on launch day, rug pull allegations[reference:56][reference:57] |
| Investment Suitability | Not an investment | High-risk speculation only |
Before investing in any celebrity-endorsed or politically-linked cryptocurrency, use this checklist:
The situation: On January 12, 2026, Alex hears about the NYC Token launch. The token surges to a massive valuation within minutes. Social media is buzzing. Alex is tempted to buy in.
Alex's due diligence:
Decision: Alex decides to pass on the investment. The token crashes 75% that evening. Alex avoids significant losses.
Lesson: Due diligence and skepticism are essential. Hype and celebrity endorsements are not substitutes for fundamentals.
Eric Adams is a well-known cryptocurrency advocate. He became the first American mayor to convert his first three mayoral paychecks into Bitcoin and Ethereum in 2022. He also established New York City's Office of Digital Assets and Blockchain in October 2025 and later launched his own cryptocurrency token, NYC Token, after leaving office.
NYC Token is a cryptocurrency launched by former New York City Mayor Eric Adams on the Solana blockchain in January 2026. Adams said the token would generate revenue to combat antisemitism and anti-Americanism and fund blockchain education. The token surged to a nearly $600 million valuation shortly after launch before crashing over 75% amid allegations of a 'rug pull.'
Adams has stated that he did not profit from the token and did not move investor funds, calling such reports 'false and unsupported by evidence.' He said he is not taking a salary from the venture 'at this time' but left open the possibility of doing so in the future.
A rug pull is a type of crypto scam where creators hype a token, attract investors, then suddenly withdraw liquidity, causing the token's value to crash. In the case of NYC Token, on-chain data showed a wallet linked to the token's creation withdrew $2.5 million worth of coins near the market peak. While some experts saw this as a rug pull, Adams' team claimed it was a market maker adjustment. The debate remains unresolved.
Established by Mayor Adams in October 2025 via Executive Order 57, it is the first-ever municipal office of its kind in the nation. It aims to promote responsible use of digital assets and blockchain, grow economic opportunities, attract talent, and reinforce NYC's position as a global hub for financial and technological innovation.
NYC Token surged to a nearly $600 million valuation within minutes of its launch, reaching a market cap of over $87 million according to some sources. However, it then went into a free fall, losing nearly 75% of its value by that evening after a wallet withdrew $2.5 million in liquidity. The token's price has remained volatile.
Celebrity-endorsed meme coins carry extreme risks. They often lack clear utility, transparent teams, or sustainable tokenomics. They are susceptible to manipulation, pump-and-dump schemes, and rug pulls. Investors should treat them as highly speculative and never invest more than they can afford to lose. Always verify on-chain data and project fundamentals before investing.
The status of NYC Token can change rapidly. Interested parties should verify current availability directly on the token's official website or through reputable cryptocurrency exchanges. Always exercise extreme caution, conduct thorough research, and be aware that the token has been associated with significant volatility and controversy.