New York City mayor Eric Adams’ stance on crypto is reportedly undeterred by the recent collapse of the FTX exchange.

Adams has converted his first three paychecks into Bitcoin (BTC) and Ethereum (ETH) after winning the mayoral race in New York City.

Amid the crypto winter further pummeled by the implosion of the industry’s second-largest exchange, Bloomberg reports that the local executive still sees an opportunity for supporting blockchain and digital assets.

City Hall spokesman Jonah Allon, who issued the statement on behalf of Adams, says that the value of crypto assets normally goes up and down.

“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.”

In an interview on CNBC earlier this year, Adams said there are upsides to buying crypto assets during the dip.

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

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Allon clarifies though that while the mayor is supportive of the innovation and economic growth that crypto could bring to the city, he does not recommend that New Yorkers invest in digital assets.

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