The mayor of New York Metropolis, Eric Adams, will not 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 burdened the significance of transferring into this area.
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 transformed a few of his paychecks into BTC and ETH earlier this 12 months “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 trade.
“Nicely, first I imagine 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 area. This area is coming whether or not we prefer it or not.
“After I hear folks say, ‘Nicely, look how a lot cash a person misplaced in cryptocurrency,’ you understand how a lot cash I misplaced in 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 in the inventory market and penny bonds, so there’s at all times people who find themselves going to use these types of industries.”
The mayor of New York Metropolis continued: “I imagine in the brand new markets and the brand new currencies, and I’m encouraging my younger folks to study 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 study these industries.” He opined:
These industries are usually not going to go away as a result of they attain low factors. That is an trade that we should embrace, and I’m trying 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 financial system, and proceed to be a magnet for expertise from everywhere in the globe.”
What do you consider the feedback by New York Metropolis Mayor Eric Adams? Tell us in the feedback part under.
Earlier article
US Lawmaker: FTX Collapse Isn’t a Crypto Failure — It’s a Failure of SEC, Bankman-Fried, Centralized Finance
Subsequent article
Ripple CTO Says One Vital Lesson From FTX Meltdown ‘Will Not Be Realized’
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