Former New York City Mayor Eric Adams is facing a lot of heat today after his high-profile launch of a new cryptocurrency, dubbed the NYC Token, crashed within hours of launching. Adams launched the token on Monday, but the coin lost 80% of its value within a couple hours.
The case for Bitcoin
Here we go again. This classic moment and rug pull shows the risks inherent in the broader memecoin and altcoin market and makes a strong argument for Bitcoin’s relative stability.
Projects like this are prone to large liquidity withdrawals, either immediately after a token’s launch or as it reaches new highs. Popularity alone can make it easy to attract buyers, giving insiders an opportunity to sell. When they do, it often triggers sharp price drops and significant investor losses — practices that are manipulative and, frankly, resemble a scam.
Bitcoin, in contrast, offers a longer track record, transparent issuance, and decentralized governance. Its fixed supply and consensus mechanisms are its key to resilience, setting it apart from short-lived tokens with concentrated control or opaque structures.
Eric Adam’s token exemplifies recurring pitfalls we see in speculative, celebrity- or politically branded coins: opaque tokenomics, centralized supply, and sudden collapses that leave retail investors exposed.
Bitcoin’s architecture is designed to mitigate these risks through decentralized proof-of-work security and a predictable issuance schedule. Bitcoin’s decades‑long resilience has stood the test of any speculative churn coming from memecoins.
Crypto pump-and-dump schemes like this one from Eric Adams really highlight why Bitcoin stands apart from the broader crypto market.
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