NYC Mayor Eric Adams Pushes for BitBond: A Bitcoin-Backed Investment Vehicle for the City
New York City Mayor Eric Adams is making waves in the world of cryptocurrency with his proposal to create a Bitcoin-based investment vehicle dubbed a BitBond. The initiative aims to allow individuals to invest in the city using crypto instead of traditional cash.
Speaking at a recent event in New York City alongside TheStreet Roundtable host Scott Melker, Adams explained that the city is exploring how to offer a bond backed by Bitcoin. "We have a great deal of financial instruments that allow those who are investing everything from tax-free bonds to other bonds," he said. "We want to examine how we can have a bit bond here—to allow those who want to use Bitcoins to do that same level of investments."
Despite opposition from the city's comptroller, Adams' office is actively studying workarounds for the plan. "Our team is examining now — my OMB, my budget director — to see the formation of that," he said. "The current controller is against it, but we think there are ways we can do it to circumvent him because it’s going to take a lot of creativity to bring other people forward in this direction."
Adams believes that fear and lack of education are slowing progress in the crypto space. "The lack of education and understanding of what this universe looks like is making it fearful for people to move forward," he said. "We have to move past that."
The mayor is urging the crypto community to keep the pressure on and work together to make the BitBond a reality. "When you have an executive such as the mayor of the city who’s embracing it, the executive must meet those who are in the industry on the grassroots level—and together we can make it happen," he said.
Adams is confident that the growing national support for Bitcoin policy will help push the BitBond initiative forward. "We gotta move quickly, we gotta move while the iron is hot," he said.
The proposal for a BitBond is a bold move by Adams and could potentially revolutionize the way people invest in cities and municipalities. It remains to be seen whether the plan will overcome opposition from the city's comptroller and whether it will gain traction in the crypto community. But with Adams' backing and a growing national support for Bitcoin policy, the future of the BitBond looks promising.
