New York City Mayor Eric Adams is undeterred by the collapse of the FTX crypto exchange and the heavy market sell-off. Noting that crypto is coming whether we like it or not, he emphasized the importance of moving to this space.
NYC Mayor on FTX Collapse and the Importance of Embracing Crypto
New York City Mayor Eric Adams answered several questions about how the FTX crypto exchange crisis affected his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. They modified some paychecks to BTC and ETH earlier this year “to send a message that New York City is open to technology.”
The mayor was asked if he has any regrets about supporting bitcoin and whether New York City should continue to promote the crypto industry.
“Well, first I believe in technology – the whole idea of using crypto, blockchain currency, you call it a cyber wallet,” he replied, explaining:
We have to go to this place. This space is coming whether we like it or not.
“When I hear people say, ‘Well, look how much money I’ve lost in cryptocurrency,’ you know how much money I’ve lost in the stock market? Some of my retirement investments I’m afraid to look at now,” Adams said.
“All these industries have their ups and downs,” the NYC mayor said. “The ‘junk bond kings,’ the scams they’re doing in the stock market and penny bonds, so there’s always someone who’s going to exploit that type of industry.”
The mayor of New York City continued: “I believe in new markets and new currencies, and I encourage young people to learn about it. We have a crypto summit that we work with the owners of the New York Nets where we bring young people to learn about the industry. He stated:
The industry isn’t going away because it’s reaching a low point. This is an industry we need to embrace, and I want to lean more towards blockchain and other technologies.
Mayor Adams said in January he wants New York City to “become the center of cryptocurrency and other financial innovations.” He emphasized: “Being at the forefront of innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the world.”
What did you think of New York City Mayor Eric Adams’ comments? Let us know in the comments section below.
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