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

The mayor of New York City, Eric Adams, is undaunted by the collapse of the FTX cryptocurrency exchange and the massive sell-off in the market. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space.

NYC Mayor on FTX’s demise and the importance of embracing crypto

New York City Mayor Eric Adams answered a few questions about how the FTX crisis has affected his crypto stance Tuesday at the Center for Family Justice. Manhattan family. Adams is a big supporter of bitcoin and cryptocurrencies. He convert some of his salary in BTC and ETH earlier this year “to send a message that New York City is open to technology.”

The mayor was asked if he regrets supporting bitcoin and whether New York City should continue to promote the crypto industry.

“Well, I believe in technology first — the whole idea of ​​using crypto, blockchain currency, you call it a wallet,” he replied, further explaining:

We need to move into this space. This space will come whether we like it or not.

“When I hear people say, ‘Well, look how much money an individual has lost in crypto,’ do you know how much money I lost in the stock market? Some of my retirement investments today I’m even afraid to look at,” Adams shared.

“All of these industries have their ups and downs,” the mayor of NYC described. “The ‘junk bond kings’, the scam they did on the stock market and penny bonds, so there are always people who will exploit these forms of industry.”

The mayor of New York City continued: “I believe in new markets and new currencies, and I am encouraging my young people to learn about them. We had a crypto summit partnered with the owners of the New York Nets where we brought young people to learn about these industries.” He talk that:

These industries are not going away because they score low. This is an industry that we must embrace and I am looking to continue to rely on blockchain and other technologies.

Mayor Adams speak in January that he wants New York City to “become a hub for cryptocurrency and other financial innovations.” “Being at the forefront of innovation like this will help us create jobs, improve the economy, and continue to be a magnet for talent from around the world.”

What do you think of New York City Mayor Eric Adams’ comments? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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