Cryptocurrencies
NYC, Miami Seen Facing ‘Ponzi Scheme’ Risks With Crypto Push
- MIT professor warns lightly regulated market poses dangers
- Encouraging citizens to use crypto raises bailout risk: Schoar
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U.S. local government leaders, such as New York City Mayor-elect Eric Adams, should be cautious about introducing cryptocurrencies into their city’s financial systems, warned Antoinette Schoar, a professor of finance at the MIT Sloan School of Management.
“I would be so concerned if politicians start pushing blindly without understanding what is behind this term ‘cryptocurrency’,” Schoar, whose research focus includes cryptocurrency trading and its concentration, told reporters and editors from Bloomberg News in an interview Friday.