NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry ‘We Must Embrace’

The mayor of New York City, Eric Adams, just isn’t discouraged by the collapse of crypto change FTX and heavy market sell-offs. Noting that crypto is coming whether or not we prefer it or not, he confused the significance of shifting into this area.

NYC’s Mayor on FTX Collapse and the Importance of Embracing Crypto

New York City Mayor Eric Adams answered some questions on how the meltdown of crypto change FTX impacts his crypto stance Tuesday on the Manhattan Family Justice Center. Adams is a giant supporter of bitcoin and crypto. He converted a few of his paychecks into BTC and ETH earlier this 12 months “to ship a message that New York City is open to know-how.”

The mayor was requested if he has any regrets about supporting bitcoin and whether or not New York City ought to proceed to advertise the crypto business.

“Well, first I consider in know-how — the entire considered utilizing crypto, blockchain foreign money, you name it cyber wallets,” he replied, elaborating:

We want to maneuver into this area. This area is coming whether or not we prefer it or not.

“When I hear folks say, ‘Well, look how a lot cash a person misplaced in cryptocurrency,’ you know the way a lot cash I misplaced within the inventory market? Some of my retirement investments I’m afraid to even take a look at these days,” Adams shared.

“All of those industries have ups and downs,” the NYC mayor described. “The ‘junk bond kings,’ the fraud that they did within the inventory market and penny bonds, so there’s at all times people who find themselves going to take advantage of these types of industries.”

The mayor of New York City continued: “I consider within the new markets and the brand new currencies, and I’m encouraging my younger folks to find out about them. We had a crypto summit that was partnered with the homeowners of the New York Nets the place we introduced younger folks in to find out about these industries.” He opined:

These industries will not be going to go away as a result of they attain low factors. This is an business that we should embrace, and I’m trying to additional lean into blockchain and different applied sciences.

Mayor Adams said in January that he needs New York City “to be the middle of cryptocurrency and different monetary improvements.” He emphasised: “Being on the forefront of such innovation will assist us create jobs, enhance our financial system, and proceed to be a magnet for expertise from everywhere in the globe.”

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