The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space.
The Mayor of NYC on the FTX Collapse and the Importance of Embracing Crypto
New York City Mayor Eric Adams answered some questions about how the meltdown at crypto exchange FTX affects his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paycheck 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 the technology – the whole idea of using crypto, blockchain currency, you call it a cyber wallet,” he elaborated:
We need to move into this space. This space is coming whether we like it or not.
“When I hear people say, ‘Well, look how much money one person lost in crypto,’ you know how much money I lost in the stock market? Some of my retirement investments I’m too scared to even look at these days.” Adams shared.
“All of these industries have ups and downs,” the NYC mayor described. “The ‘junk bond kings,’ the fraud that they did in the stock market and penny bonds, so there’s always people who are going to exploit these forms of industries.”
The mayor of New York City continued: “I believe in new markets and new currencies, and I am encouraging our youth to learn about them. We had a crypto summit with the owners of the New York Nets. Partnerships were done where we brought youth to learn about these industries. He said:
These industries are not going to go away because they reach low points. This is an industry that we must embrace, and I’m looking to further lean into blockchain and other technologies.
Mayor Adams said in January that he wanted to make New York City “a hub for cryptocurrency and other financial innovation.” He emphasized: “Being at the forefront of such innovation will help us create jobs, improve our economy and remain an attraction for talent from around the world.”