Socialist Candidate Wins NYC Mayoral Primary, Angering Crypto Billionaires
Zohran Mamdani, a 33-year-old Indian-American politician, has won the Democratic primary for New York City mayor, defeating former governor Andrew Cuomo. His campaign stood out with its use of Bollywood flair—quoting Hindi movies and mimicking poses from superstar Shah Rukh Khan. But what’s really causing a stir is his socialist economic agenda, which has upset many leaders in the cryptocurrency industry.
Why Crypto Leaders Are Worried
New York City is a global financial hub, and its mayor has significant influence over business and technology policies—including crypto regulations. The current mayor, Eric Adams, has been supportive of Bitcoin. But Mamdani’s left-wing policies—such as higher taxes on the wealthy and more government spending—have made crypto billionaires nervous.
Crypto Billionaires Fight Back
1. Cameron Winklevoss (Gemini Co-Founder) Doubts Mamdani’s Chances
Cameron Winklevoss, who co-founded the Gemini crypto exchange, doesn’t believe Mamdani will win the general election in November—even if he won over young voters (whom Winklevoss calls the “TikTok crowd”).
On X (formerly Twitter), Winklevoss wrote:
“Honestly, I’m torn. Like other Democrat-run cities, NYC is a broken mess. Taxes are sky-high, services are terrible, and socialism seems like the next step. Maybe it’s what people here want—fighting it might be a waste of money.”
His comments suggest that he thinks NYC voters are moving too far left, and he’s unsure whether backing a rival candidate would even work.
2. Bill Ackman (Hedge Fund Billionaire) Considers Funding an Opponent
Unlike Winklevoss, Bill Ackman—CEO of Pershing Square Capital Management—is actively thinking about supporting a candidate to challenge Mamdani.
Ackman called Mamdani an “avowed socialist” and said he lacks the experience to manage NYC’s $2 trillion economy. He even claimed:
“There are hundreds of millions of dollars ready to back a strong opponent. I’m in the group chats—this could happen fast.”
This means big-money investors might try to stop Mamdani from becoming mayor.
3. Anthony Pompliano (Bitcoin Investor) Mocks Mamdani’s Supporters
Anthony Pompliano, a well-known Bitcoin advocate, criticized Mamdani’s voters, saying:
“People with ‘TikTok-fried brains’ are attacking capitalism.”
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But he also said Bitcoin doesn’t care who’s in power:
“Bitcoin was designed to work no matter what. The crazier the government’s policies, the more people will need Bitcoin as protection.”
Prediction Markets Saw Mamdani’s Win Coming
Before the primary, Polymarket (a crypto-based prediction platform) had 99% of bets favoring Mamdani. This shows that crypto traders accurately predicted his victory.
What Does This Mean for Crypto in NYC?
- Current Mayor Eric Adams is pro-Bitcoin.
- Mamdani hasn’t talked much about crypto, but he did criticize Cuomo for advising OKX, a crypto exchange accused of breaking U.S. laws.
Whoever wins in November will shape NYC’s crypto policies—either making it more business-friendly or imposing stricter regulations.
Europe’s Stablecoins Could Rise as the Dollar Weakens
Donald Trump’s presidency has caused economic instability, weakening the U.S. dollar. As a result, euro-backed stablecoins might become more popular in the crypto world.
Why the Dollar Is Losing Strength
- Trump’s unpredictable policies (trade wars, budget fights) have hurt confidence in the U.S. economy.
- The dollar has fallen 5% against other major currencies in six months.
- Investors are turning to gold, the Chinese yuan (renminbi), and the euro as safer alternatives.
Stablecoins: USD vs. EUR
Right now, USD stablecoins (like Tether) dominate 70% of the market. But EUR stablecoins are growing because:
- The euro is getting stronger (now near $1.20).
- Europe’s crypto laws (MiCA) make it easier for companies to operate there.
- Tether isn’t fully compliant with EU rules, giving EUR-pegged stablecoins (like EURC) a chance to grow.
Big Crypto Companies Are Moving to Europe
- OKX, Crypto.com, Coinbase, and Gemini are getting EU approval.
- Trump promised to make the U.S. the “crypto capital,” but Europe is catching up fast.
Prediction: Euro Stablecoins Will Grow by 2028
By the end of Trump’s term, EUR stablecoins could challenge USD dominance, especially if the U.S. economy stays shaky.
Coinbase Launches U.S. Bitcoin Futures—And Buys More BTC
Coinbase, one of the biggest crypto exchanges, is launching perpetual-style Bitcoin and Ethereum futures in the U.S. on July 21.
How It Works
- These futures mimic perpetual swaps (popular in crypto trading) but are regulated by the CFTC.
- They have 5-year expirations and 24/7 trading.
Coinbase Is Stockpiling Bitcoin
CEO Brian Armstrong said:
“We’re buying Bitcoin every week. We believe in it long-term.”
The company already holds 9,257 BTC (worth nearly $1 billion)—making it one of the top 10 public Bitcoin holders.
Final Takeaways
- NYC’s mayoral race could impact crypto policies—Mamdani’s socialism vs. pro-crypto alternatives.
- Europe’s stablecoins may rise as the dollar weakens under Trump.
- Coinbase is expanding with regulated futures and hoarding Bitcoin.
The next few years will be crucial for crypto, politics, and global finance.
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