The popularity of cryptocurrencies has grown steadily and spilled over into the traditional finance (TradFi) space. Phil Banks, New York City’s Deputy Mayor for Public Safety, has disclosed that he holds some assets in Bitcoin and Ether. This came to light during his financial disclosures, where he disclosed that he currently holds a portion of his assets in cryptocurrencies. According to the disclosure, he holds between $15,000 to $150,000 in Bitcoin and Ethereum.
Phil Banks’ net worth is said to have tripled in the last eight years, and he currently holds some of his assets in traditional investment vehicles such as Apple Inc., Tesla Inc., and Meta Platforms Inc.
This is not the first time a New York public official has been linked to the crypto space.
The Mayor of New York, Eric Adams, has previously expressed an interest in cryptocurrencies.
When CityCoins partnered with New York City to create a version of its coins called the NYCCoin, then-Mayor-Elect Eric Adams was delighted.
Adams was quoted to have said, “He (Miami Mayor) has a MiamiCoin that is doing very well—we’re going to look in the direction to carry that out.” He went on to say that he would “look into what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
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