New York City’s mayor, Eric Adams is ready to walk the walk. At the Bitcoin 2025 conference, the guy laid it out straight, he wants a Bitcoin bond in the Big Apple, and he’s gunning to scrap the BitLicense that’s been strangling crypto businesses since a decade.
Bitcoin bond from New York
Now, Adams says it’s high time NYC gets a financial instrument designed for Bitcoin holders. He called it a Bitbond, and he’s gonna fight tooth and nail to make it happen.
Imagine that,a bond backed by Bitcoin, something fresh, something bold. He pointed out that we already have all kinds of bonds, tax-exempt, municipal, you name it, so why not one for Bitcoin holders?
He didn’t spill all the juicy details on how this Bitbond would work, but there’s a policy paper from the Bitcoin Policy Institute that gives us a peek.
The idea? Holders get a steady 1% interest every year for ten years. When the bond matures, you also get a slice of any Bitcoin market gains.
Sounds like a sweet deal, right? Most of the money raised, 90% would go to city projects, while 10% would buy more Bitcoin. It sounds like a win-win, if you ask me.
No more BitLicense?
Adams is dead set on killing the BitLicense. That’s the state’s crypto licensing program that’s been around since 2015, and let me tell you, the industry hates it.
It’s expensive, it’s complicated, and it’s got all these strict rules about Anti-Money Laundering and Know Your Customer that make it a nightmare for businesses.
Adams called it out for being too costly and too harsh.
“You got a mayor who’s the crypto mayor, the Bitcoin mayor, and I want you back in New York, where you won’t be attacked or criminalized.”
He’s basically telling crypto companies, come on home, the city’s ready to welcome you with open arms.
And some big names like Circle, Coinbase, and Bakkt already got their BitLicenses, but Adams wants to make it easier for everyone else to join the party.
Digital advisory council for crypto
To sweeten the deal, Adams is rolling out a digital advisory council to attract crypto jobs and investments.
He also announced partnerships with financial services firm Figure and private equity players Traction and Scale to boost NYC’s crypto game.
So, Adams is shaking things up, making New York City a playground for Bitcoin and crypto innovation.
If you’re holding Bitcoin or running a crypto biz, maybe it’s time to dust off your suitcase and think about making NYC your new home.
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