Will New York Transform into a Bitcoin Hub Under the Newly-Elected Mayor Eric Adams?

Former police officer Eric Adams was elected the 110th mayor of New York City over Republican anti-crime activist Curtis Sliwa. Adams had promised to restore the pandemic-ravaged city to its former glory within a year. But this victory can also pave the way for New York to become a Bitcoin hub as visioned by the 61-year-old Democrat.

Bringing Bitcoin Business Back to New York

According to the Associated Press, Adams had 67% of the vote, with 65% of precincts reporting. As a mayor-elect, his main area of focus remains public safety and providing a voice to New York’s working-class residents. With the landmark victory, Adams is now the second African American to lead the US’s most populated city and first pro-Bitcoin mayor.

The cryptocurrency community, on the other hand, has high hopes for him. Adams has been one of very few Democrats who has endorsed Bitcoin and the digital asset industry.

At a campaign watch party for in-person voting results, he had earlier stated:

“We’re going to bring business here. We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins.”

Down south, Miami has comfortably positioned itself as a major territory for Bitcoin. With Adams in the picture, New York may steal some opportunities from pro-crypto mayor Francis Suarez-led city. The new mayor-elect had earlier complained that New York has “lost its mojo” and invoked Bitcoin and cryptocurrency, along with vertical farming.

Not a Newcomer

The cryptocurrency industry has responded positively to the news. If Adams manages to keep his promise, the Big Apple could see some stiff competition from different crypto-friendly parts of the city.

Adams is not the first politician in the country to demonstrate a pro-crypto stance. He is also not a newcomer to Bitcoin. Back in 2015, the Democratic Brooklyn borough president had described the largest cryptocurrency as a “disruptive technology,” and had gone on to declare that, “I want Bitcoin. I want Airbnb. And I want marijuana dispensaries.”

The timing is interesting. From outright banning of Bitcoin to Chinese miner exodus and the US dominating in the hash rate race, the powerhouse NYC could rake in significant revenue with the right policies in place.

Featured Image Courtesy of Filter