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Council Member Brannan questions OMB Director on mayor's cryptocurrency announcement
1:00:33
·
155 sec
Council Member Justin Brannan questions Jacques Jiha, Director of NYC Mayor's Office of Management and Budget, about the mayor's recent announcement regarding "bit bonds" and cryptocurrency investments. Jiha emphasizes that they are in an exploratory phase with no concrete plans, while Brannan expresses skepticism about the stability of cryptocurrency compared to traditional city bonds.
- Jiha states that the administration is always exploring new technologies and ideas to attract investors to New York City.
- Brannan raises concerns about the volatility and reliability of cryptocurrency compared to traditional city bonds.
- The exchange highlights a tension between innovation and maintaining the stability of city finances.
Justin Brannan
1:00:33
Last question for me.
1:00:34
I wanna turn over to my colleagues.
1:00:36
In a crypto event that the mayor attended in Las Vegas A Couple Days ago, he announced that New York City will issue bit bonds.
1:00:44
Has the administration approached you about this idea?
Jacques Jiha
1:00:47
We like we review every single you know, we're always trying to be at the frontier of technology.
1:00:56
New York is a leading city, so therefore we always work with different industry players to see what can be done.
1:01:04
Right now we are in the ideation phase.
1:01:07
People are talking, bringing ideas to the table to see what can be done, what cannot be done.
1:01:12
Good ideas, bad ideas.
1:01:14
So that's where we are.
1:01:16
There is nothing concrete at this moment in time, but like everything else, we're in constant communication with different industry leaders to see what because we're always trying to bring new investors into the mix for New York City.
1:01:31
Did you know the
Justin Brannan
1:01:33
mayor was gonna announce this great idea?
Jacques Jiha
1:01:36
I don't think he announced.
1:01:37
He's saying they're working on ideas.
1:01:39
We're not saying.
1:01:40
He is not saying.
1:01:40
He didn't say that they're gonna launch as bitcoin.
1:01:45
They you know, we that we're working on it with the industry
Justin Brannan
1:01:47
to Well, I mean, he's he said he's I mean, you know, look.
1:01:51
The Citi Bonds have a reputation of stability and reliability.
1:01:54
I think everyone agrees that bitcoins and crypto, that whole asset class is renowned for chaos and scams and volatility.
1:02:03
We barely have twenty years of historical data on bitcoins and crypto.
1:02:08
Why is the mayor suggesting that the city would invest in crypto?
Jacques Jiha
1:02:12
Listen, we're ideas.
1:02:15
We are not
Justin Brannan
1:02:16
Do you think it's a good idea?
Jacques Jiha
1:02:17
Listen, I can't tell you anything that is good or bad until we know for sure.
1:02:23
We're in the process of exploring things.
1:02:25
This is something new.
1:02:27
Okay?
1:02:27
We shouldn't be afraid of something because it's new.
1:02:30
Okay?
1:02:30
People used to work back
Justin Brannan
1:02:31
in that.
1:02:32
But the I mean, the Citi bonds have Citi bonds have it's
Jacques Jiha
1:02:35
Citi bonds have
Justin Brannan
1:02:36
such a reputation for stability and reliability.
Jacques Jiha
1:02:38
I understand.
Justin Brannan
1:02:39
Bitcoin is like the opposite
Jacques Jiha
1:02:40
of But it's just exploring.
1:02:42
There's nothing wrong with exploring ideas.
1:02:44
You know, there's nothing wrong with exploring ideas.
1:02:46
We shouldn't be afraid of exploring things.
1:02:48
Alright.
1:02:49
Mean, listen to me.
Justin Brannan
1:02:49
This is I'm I'm fine going exploring, but I think the safari should end immediately.
1:02:57
Alright, Joc.
1:02:57
Thank you.
1:02:59
We've also been joined by council members Hudson, Moya, Dinowitz, Joseph, Stevens, and Brewer.
1:03:04
We will send it now to majority Whitbrooks Powers for her questions.