NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Trade ‘We Should Embrace’

The mayor of New York Metropolis, Eric Adams, is just not discouraged by the collapse of crypto alternate FTX and heavy market sell-offs. Noting that crypto is coming whether or not we prefer it or not, he burdened the significance of shifting into this house.

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

New York Metropolis Mayor Eric Adams answered some questions on how the meltdown of crypto alternate FTX impacts his crypto stance Tuesday on the Manhattan Household Justice Middle. Adams is an enormous 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 Metropolis is open to expertise.”

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

“Properly, first I imagine in expertise — the entire considered utilizing crypto, blockchain foreign money, you name it cyber wallets,” he replied, elaborating:

We have to transfer into this house. This house is coming whether or not we prefer it or not.

“After I hear individuals say, ‘Properly, look how a lot cash a person misplaced in cryptocurrency,’ you know the way a lot cash I misplaced within the inventory market? A few 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 all the time people who find themselves going to use these types of industries.”

The mayor of New York Metropolis continued: “I imagine within the new markets and the brand new currencies, and I’m encouraging my younger individuals 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 individuals in to find out about these industries.” He opined:

These industries aren’t going to go away as a result of they attain low factors. That 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 Metropolis “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 all around the globe.”

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Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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