Amid the growing adoption of cryptocurrency worldwide, Eric Adams, the Mayor of New York City, recently announced his backing for a Bitcoin bond in the city as he doubled down on his crypto-friendly stance at the Bitcoin 2025 conference.
Adams, a vocal proponent of cryptocurrencies, has emphasized the need for New York City to stay at the forefront of financial innovation. He believes that offering financial instruments like the Bitcoin bond will invigorate the city’s economy by engaging more investors and enabling equivalent opportunities for Bitcoin holders.
Despite his noted enthusiasm for the Bitcoin bond, Adams didn’t offer details on its proposed structure. However, the Bitcoin Policy Institute recently suggested a model where bondholders would earn a 1% annual interest over a decade. After maturing, bondholders would also receive a portion of Bitcoin’s market gains, addressing capital appreciation needs and offering incentives for crypto investors.
Mayor Adams further called for the end of New York’s BitLicense program, a contentious regulation introduced in 2015 for cryptocurrency businesses. The program imposes rigorous compliance standards, often criticized by industry players as too stringent and costly.
Revoking BitLicense would likely meet the approval of many key players in the crypto space who have maintained that such regulatory measures stifle innovation. Adams suggested replacing it with a more flexible framework that would foster growth and innovation in the city’s cryptocurrency sector.
As part of his ongoing efforts to attract crypto firms to NYC, Adams recently announced the creation of a digital advisory council at the inaugural New York City Crypto Summit. The mayor’s proactive stance towards crypto is contributing to making New York City an increasingly attractive hub for crypto businesses and promoting further adoption and mainstreaming of cryptocurrencies.
In conclusion, the mayor’s proposed Bitcoin bond and his ongoing efforts to streamline crypto regulations signal a positive trend for New York City’s crypto ecosystem, potentially leading to more growth and innovation in the sector.
