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

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The mayor of New York Metropolis, Eric Adams, shouldn’t be 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 careworn the significance of transferring 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 Heart. Adams is an enormous supporter of bitcoin and crypto. He transformed a few of his paychecks into BTC and ETH earlier this yr “to ship a message that New York Metropolis is open to know-how.”

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.

“Effectively, first I consider in know-how — 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.

“Once I hear folks say, ‘Effectively, look how a lot cash a person misplaced in cryptocurrency,’ you understand how 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 take advantage of these types of industries.”

The mayor of New York Metropolis continued: “I consider within the new markets and the brand new currencies, and I’m encouraging my younger folks 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 folks 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 seeking to additional lean into blockchain and different applied sciences.

Mayor Adams stated in January that he desires 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 economic system, and proceed to be a magnet for expertise from everywhere in the globe.”

What do you concentrate on the feedback by New York Metropolis Mayor Eric Adams? Tell us within the feedback part beneath.

Kevin Helms

A pupil 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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