{"id":3743,"date":"2025-06-09T18:16:31","date_gmt":"2025-06-09T18:16:31","guid":{"rendered":"https:\/\/digkrypton.com\/index.php\/2025\/06\/09\/new-york-city-wont-be-issuing-bitbonds-any-time-soon\/"},"modified":"2025-06-09T18:16:31","modified_gmt":"2025-06-09T18:16:31","slug":"new-york-city-wont-be-issuing-bitbonds-any-time-soon","status":"publish","type":"post","link":"https:\/\/digkrypton.com\/index.php\/2025\/06\/09\/new-york-city-wont-be-issuing-bitbonds-any-time-soon\/","title":{"rendered":"New York City Won\u2019t Be Issuing BitBonds Any Time Soon"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

New York City Won\u2019t Be Issuing BitBonds Any Time Soon<\/a><\/p>\n

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Since 2021, Mayor Eric Adams has been talking about how he\u2019s going to make New York City the center of the crypto industry<\/a>, though this hasn\u2019t materialized. (Some Bitcoin and crypto companies are based here, but this has little to do with Adams\u2019 efforts \u2014 or lack thereof.)<\/p>\n

So, when I heard the mayor propose issuing BitBonds in New York City at Bitcoin 2025<\/a>, I was far from convinced that this would actually happen.<\/p>\n

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And then when I read a statement from NYC Comptroller Brad Lander on the topic<\/a>, it became even more clear to me that Adams was merely posturing when it came to BitBonds.<\/p>\n

\u201cNew York City will not be issuing any bitcoin-backed bonds on my watch,\u201d said Lander in the statement.<\/p>\n

\u201cMayor Eric Adams may be willing to bet our future on crypto in exchange for a trip to Vegas, but my job is to ensure our City\u2019s financial stability. Cryptocurrencies are not sufficiently stable to finance our City\u2019s infrastructure, affordable housing, or schools,\u201d he added.\u00a0<\/p>\n

\u201cProposing that New York City should open its capital planning to crypto could expose our City to new risks and erode bond buyers\u2019 trust in our City.\u201d<\/p>\n

In the statement, Lander went on to discuss how BitBonds would work at the federal level (90% of the funds go to government expenditures, while 10% goes to buying bitcoin for a Strategic Bitcoin Reserve), before noting a key difference between federal bonds and the bonds that New York City issues.<\/p>\n

\u201cWhile the federal government issues bonds to fund traditional expenditures, New York City primarily issues bonds to fund capital assets and in only very narrow circumstances can the City finance other purposes,\u201d wrote Lander.<\/p>\n

Lander then went on to lay out a number of other reasons why New York City will not be issuing BitBonds any time soon, including that \u201dNew York City would have to be able to take transactions in Bitcoin in order to issue bonds backed by Bitcoin\u201d because \u201cNew York City has neither any mechanism to pay for its Capital Assets in any other currency besides the US Dollar nor any means to convert Bitcoin to US Dollars.\u201d<\/p>\n

(If I read that correctly, Lander says that New York City doesn\u2019t know how to set up a Bitcoin wallet or trade bitcoin for U.S. dollars. Just about on par for an elected official in New York.)<\/p>\n

Now, pardon my cynicism here, but I\u2019m a New Yorker \u2014 a resident of one of the most restrictive jurisdictions in the world when it comes to Bitcoin and crypto, thanks to the BitLicense<\/a> \u2014 and there are two things you can bet on at this point in time in New York.<\/p>\n

Mayor Eric Adams will talk a good game about Bitcoin and crypto while not taking any action behind the scenes.<\/p>\n

Bureaucrats and elected officials alike in New York will continue to throw cold water on anything that challenges Wall Street\u2019s power<\/a>, while still claiming that New York is the \u201cfinancial capital of the world.\u201d (Laughable.)<\/p>\n

So, Mayor Adams can make all the proposals he wants from stages in Las Vegas to NYC-sponsored crypto summits<\/a>, but until I see his administration actually do something substantial for New York City residents as it pertains to Bitcoin and crypto, I\u2019ll just assume that New York will continue to stagnate financially.<\/p>\n

This article is a <\/em>Take<\/em><\/a>. Opinions expressed are entirely the author\u2019s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.<\/em><\/p>\n

This post New York City Won\u2019t Be Issuing BitBonds Any Time Soon<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Frank Corva<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine New York City Won\u2019t Be Issuing BitBonds Any Time Soon Since 2021, Mayor Eric Adams has been talking about how he\u2019s going to make New York City the center of the crypto industry, though this hasn\u2019t materialized. (Some Bitcoin and crypto companies are based here, but this has little to do with Adams\u2019 […]<\/p>\n","protected":false},"author":0,"featured_media":3744,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=3743"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/3744"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=3743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=3743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=3743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}