Since 2021, Mayor Eric Adams has talked about how to make New York City the center of the crypto industry, although this has not realized. (Some Bitcoin and Crypto companies are based here, but this has little to do with Adams’ efforts – or lack of them.)
So when I heard the mayor propose to issue Bitbonds in New York City on Bitcoin 2025, I was far from convinced that this would actually happen.
And when I read a statement from NYC Comptroller Brad lands on the subject, it became even more clear to me that Adams was just about to be on when it came to Bitbonds.
“New York City will not issue any Bitcoin-backed bonds on my watch,” Lander said in the statement.
“Mayor Eric Adams may be willing to bet our future on crypto in exchange for a trip to Vegas, but my job is to ensure that our city’s financial stability. Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing or schools,” he added.
“To suggest that New York City should open its capital planning for crypto, could expose our city to new risks and erod bond buyers’ confidence in our city.”
The statement continued to discuss how Bitbonds would work at federal level (90% of funds go to government spending, while 10% go to buy Bitcoin for a strategic Bitcoin reserve) before noting an important difference between federal bonds and the bonds, such as New York City questions.
“While the federal government is emitting bonds for financing traditional expenses, New York City primarily emits bonds for financing capital assets and in only very narrow circumstances the city can finance other purposes,” wrote lands.
Lander then continued to put in a number of other reasons why New York City will not issue Bitbonds soon, including the “New York City should be able to take transactions in Bitcoin to issue bonds supported by Bitcoin” because “New York City has no mechanism to pay for its capital assets in any other to us dollars. ”
(If I read it correctly, Lander says that New York City doesn’t know how to create a Bitcoin Turn Book or Handle Bitcoin for US Dollars. Almost at the level of a chosen New York official).
Now forgive my cynicism here, but I’m a New Yorker – resident of one of the most restrictive jurisdictions in the world when it comes to Bitcoin and Crypto, thanks to Bitlicense – and there are two things you can bet on at this time in New York.
- Mayor Eric Adams will talk a good game about Bitcoin and Crypto while taking no action behind the scenes.
- Bureaucrats and elected officials in New York will continue to throw cold water on everything that challenges Wall Street’s power while still claiming New York is the “economic capital of the world.” (Ridiculous.)
So Mayor Adams can make all the suggestions he wants from stages in Las Vegas to NYC-sponsored cryptoms, but until I see his administration actually doing something important for New York City residents as it relates to Bitcoin and Crypto, I just assume New York will continue to put financially.
This article is one Take. Opinions expressed are completely the author’s and does not necessarily reflect BTC Inc or Bitcoin magazine.