NYC Mayor Says ‘We Must Embrace’ Crypto Industry Even Amid The FTX Collapse

NYC Mayor Says ‘We Must Embrace’ Crypto Industry Even Amid The FTX Collapse.

In light of the collapse of crypto exchange FTX and the heavy market sell-offs, New York City’s mayor, Eric Adams, stresses that cryptocurrency will come whether we like it or not.

Continue promoting the crypto industry

In an interview with the Manhattan Family Justice Center on Tuesday, Mayor Eric Adams talked about how the meltdown of crypto exchange FTX impacts his crypto stance.

Following his victory in the mayoral race in New York City, Adams converted his first three paychecks into bitcoin and ether (ETH).

A question was asked of the mayor regarding his regrets regarding the city’s support for bitcoin and whether the city should continue to promote the crypto industry.

“Well, first I believe in technology — the whole thought of using crypto, blockchain currency, you call it cyber wallets,” he answered the question.

Read More: CME Group’s CEO Called SBF “A Fraud” & Suspected Corruption at FTX

“We need to move into this space. This space is coming whether we like it or not,” he added.

In response to people saying, “Look at the money an individual lost in cryptocurrency,” he explained that he lost a great deal in the stock market. Some of his retirement investments are there but he is afraid to look at them anymore.

The mayor said in January he wants to see New York City become a center for financial innovation, including cryptocurrencies.

The normality of goes up and down of crypto

Jonah Allon, a spokesman for City Hall, says that crypto assets go up and down in value.

“As with all financial products, price fluctuations are an expected feature of the market – and it is shortsighted to believe that setbacks in an industry are an indication that it won’t experience long-term growth,” he said.

Adams told CNBC earlier this year that buying crypto assets during a dip could be profitable.

Read More: CEO Acquires Significant Equity Stake of Crypto Bank Silvergate 

“Sometimes the best time to buy is when things go down so when they go back up, you’ve made a good profit,” he explained. 

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Jamilatul Mahmudah

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