New York City Mayor Eric Adams is undeterred by the collapse of crypto exchange FTX and the massive market sell-off. Noting that cryptocurrency is coming whether we like it or not, he emphasized the importance of venturing into this space.
The Mayor of NYC on the FTX meltdown and the importance of embracing crypto
New York City Mayor Eric Adams answered a few questions Tuesday at the Manhattan Family Justice Center about how the meltdown at crypto exchange FTX is affecting his crypto stance. Adams is a big supporter of bitcoin and crypto. Earlier this year, he converted a portion of his paycheck into BTC and ETH “to signal that New York City is open to technology.”
The mayor was asked if he regretted supporting Bitcoin and whether New York City should continue to promote the crypto industry.
“Well, first of all I believe in the technology – the whole idea of using crypto, blockchain currency, you call it a cyber wallet,” he elaborated:
We have to go into this room. This place is coming whether we like it or not.
“When I hear people say, ‘well look how much money a person has lost in crypto,’ do you know how much money I’ve lost in the stock market? Some of my retirement investments I’m too scared to even look at these days.” Adams shared.
“There are ups and downs in all of these industries,” the NYC mayor said. “The ‘King of Junk Bonds,’ the scam they did in the stock market, and penny bonds, so there’s always going to be people who are going to take advantage of those kinds of industries.”
The Mayor of New York City continued, “I believe in new markets and new currencies, and I encourage our youth to learn about them. We had a crypto summit with the owners of the New York Nets. Partnerships have been formed where we have engaged young people to learn about these industries. hay said:
These industries aren’t going away because they’ve hit rock bottom. This is an industry we should embrace and I look forward to focusing on blockchain and other technologies.
Mayor Adams said in January he wanted New York City to become “a hub for cryptocurrency and other financial innovation.” He emphasized: “Being at the forefront of such innovations will help us create jobs, improve our economy and remain a magnet for talent from around the world.”
What do you think of New York Mayor Eric Adams’ comments? Let us know in the comments section below.
Kevin, an Austrian business student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.
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