New York Mayor Eric Adams said despite the market crash that followed the collapse of FTX, cryptocurrency and said that blockchain is still an “incredible opportunity” for the city recovering from the pandemic.
New York City Mayor Spokesperson: “Expected Features of Price Fluctuations”
Responding on behalf of the Mayor, Mayor’s spokesperson Jonah Allon said, “As with all financial products, price fluctuations are an expected feature of the market and it is shortsighted to believe that disruptions in an industry are an indication that it will not experience long-term growth.”
Known as a crypto enthusiast, Adams has promised to make New York a “cryptocurrency hub” and even suggested that schools be taught about this asset class and blockchain.
The mayor, who took office this year and earns $258,750 a year, delivered his first three paychecks to Coinbase Global Inc, keeping his promise about a year ago. through the stock market bitcoin and to Ethereum transformed.
The cryptocurrency world is facing a challenge, with crypto lenders and other exchanges halting withdrawals following the bankruptcy of Sam Bankman-Fried’s FTX company.
The mayor’s 2021 tax returns, released last month, also show that he bought crypto that year and probably never sold it, as Adams did not declare any capital gains or losses.
Allon added that the mayor supports the innovation and economic growth this industry can bring to the city and does not recommend New Yorkers to invest in cryptocurrency. He declined to share further details regarding Adams’ crypto holdings, saying these were his personal investment decisions.
*Not investment advice.
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