The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space.

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

New York City Mayor Eric Adams answered some questions about how the meltdown of crypto exchange FTX affects his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paychecks into BTC and ETH earlier this year “to send a message that New York City is open to technology.”

The mayor was asked if he has any regrets about supporting bitcoin and whether New York 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 replied, elaborating:

We need to move into this space. This space is coming whether we like it or not.

“When I hear people say, ‘Well, look how much money an individual lost in cryptocurrency,’ you know how much money I lost in the stock market? Some of my retirement investments I’m afraid to even look at nowadays,” Adams shared.

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

The mayor of New York City continued: “I believe in the new markets and the new currencies, and I’m encouraging my young people to learn about them. We had a crypto summit that was partnered with the owners of the New York Nets where we brought young people in to learn about these industries.” He opined:

These industries are not going to go away because they reach low points. This is an industry that we must embrace, and I’m looking to further lean into blockchain and other technologies.

Mayor Adams said in January that he wants New York City “to be the center of cryptocurrency and other financial innovations.” He emphasized: “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”