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New York Mayor Eric Adams remains optimistic about cryptocurrencies despite the current crisis and the recent crash caused by the FTX exchange. He said that crypto and blockchain still represent “an incredible opportunity” for a city that is still recovering from the pandemic.

“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,” City Hall spokesman Jonah Allon said, responding on the mayor’s behalf, according to Bloomberg. Adams is a longtime supporter of cryptocurrencies and has promised to make New York the “center of cryptocurrency.” Since taking office, he has converted his first three salaries into Bitcoin and Ethereum through Coinbase, following a promise he made about a year ago.

The cryptocurrency market began to fall even more after the bankruptcy of the crypto lender FTX, managed by Sam Bankman-Fried. The question now is whether a crisis of confidence will destroy the lucrative business of borrowing, lending, and leveraging crypto and causes an industry-wide retrenchment.

The mayor's 2021 tax filings, which he released last month, also show that he bought cryptocurrencies that year. No sale information has been received. The mayor supports the innovation and economic growth that this sector can bring to the city, and isn't recommending New Yorkers invest in cryptocurrency. Information about Adams' cryptocurrency holdings is a personal investment decision, therefore, is not disclosed.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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