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New York City Mayor Eric Adams is undeterred by the collapse of crypto exchange FTX and strong selling in the market. Noting that crypto is coming whether we like it or not, he highlighted the importance of moving into this space.

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

New York City Mayor Eric Adams answered some questions about how the collapse of crypto exchange FTX is affecting his crypto standing on Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paychecks 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, first of all I believe in technology – the whole idea of ​​using crypto, blockchain currency, you call it cyber wallets,” he replied, elaborating:

We have to enter this space. This space is coming whether we like it or not.

“When I hear people say, ‘Well, look how much money an individual has lost in cryptocurrency’, do you know how much money I’ve lost in the stock market? Some of my retirement investments, I’m even scared to look at these days,” Adams explained.

“All of these industries have their ups and downs,” the New York mayor described. “The ‘junk bond kings’, the fraud they did in the stock market and the penny bonds, so there are always people who are going to exploit those forms of industries.”

The Mayor of New York continued: “I believe in new markets and new currencies, and I encourage my young people to discover them. We hosted a crypto summit in partnership with the owners of the New York Nets, where we brought young people to learn about these industries. He issued the following opinion:

These industries are not going to disappear because they are hitting low points. It’s an industry we need to embrace, and I’m looking to delve more into blockchain and other technologies.

Mayor Adams said in January that he wanted New York “to be the center of cryptocurrency and other financial innovation.” He stressed, “Being at the forefront of this innovation will help us create jobs, improve our economy and continue to attract 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 economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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