NYC Mayor Undeterred By FTX Collapse: Crypto Is An Industry 'We Must Embrace'

Eric Adams, the mayor of New York City, is undeterred by recent events, including the failure of the cryptocurrency exchange FTX and severe market sell-offs. He emphasized the significance of going into this arena while also noting that crypto will arrive regardless of whether or not we li

The Mayor of New York City Discusses the Fall of the FTX Exchange and Why It Is Important to Embrace Cryptocurrency
Tuesday at the Manhattan Family Justice Center, New York City Mayor Eric Adams responded to some concerns regarding how the collapse of the cryptocurrency exchange FTX impacts his views on cryptocurrencies. Bitcoin and other cryptocurrencies have a strong advocate in Adams. Earlier this year, he decided to invest a portion of his earnings in the cryptocurrencies bitcoin and ether "to convey a statement that New York City is open to technology."


The question was posed to the mayor as to whether or not he has any regrets about his support of bitcoin, as well as whether or not New York City should continue to encourage the cryptocurrency business.

He responded by saying, "Well, first of all, I believe in technology — the entire concept of utilizing crypto, blockchain currency, or what you call cyber wallets." He went on to elaborate as follows:


We have no choice than to relocate into this area. This place will arrive regardless of whether or not we like it.

"When I hear people saying things like, 'Well, look at how much money a person lost in cryptocurrencies,' you know how much money I lost in the stock market, don't you? Some of my assets for my retirement are so risky that I can't even bring myself to look at them these days," Adams revealed.

The Mayor of New York City explained that "all of these industries have their ups and downs." "The 'junk bond kings,' the fraud that they committed in the stock market and penny bonds, so there are always going to be individuals who are going to take advantage of these sorts of businesses,"

The Mayor of New York City proceeded by saying, "I believe in the new markets and the new currencies, and I'm pushing the young people in my city to learn about them." We held a symposium on cryptocurrencies in collaboration with the owners of the New York Nets, and we invited young people to attend so that they could get knowledge about these businesses. His opinion was:


The fact that these businesses occasionally hit rock bottom will not lead them to disappear. We have no choice but to participate in this market, and in order to do so, I want to increase my investment in blockchain and other technologies.

In January, Mayor Adams expressed his desire for New York City to "be the heart of cryptocurrencies and other financial breakthroughs." He underlined the following statement: "Being on the vanguard of such innovation will help us generate employment, develop our economy, and continue to be a magnet for talent from all over the globe."

What are your thoughts on the statements made by Mayor Eric Adams of the City of New York? Share your thoughts with us in the space below titled "Comments."


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