‘New York will be fine’: Crypto community reacts to Mamdani’s victory

On November 4, 2025, Democratic Party candidate Zohran Mamdani won the New York City mayoral election, defeating ex-NY state governor Andrew Cuomo and GOP favorite Curtis Sliwa. Mamdani is neither a staunch opponent nor an outspoken ally of cryptocurrencies. However, the crypto community on X lit up with commentary on his victory, expressing reactions ranging from support and rage to indifference.

Mamdani has pledged to make New York City affordable for working-class families. His platform includes:

• Freezing rents
• Providing free city buses
• Building affordable housing

Another central pillar of his campaign is increasing taxes on the wealthy and corporations. Critics argue that these measures could drive away the 350,000 millionaires who call NYC home, potentially triggering an economic exodus.

Over 1 million New Yorkers voted for Mamdani, a 34-year-old democratic socialist, following Senator Bernie Sanders’ progressive footsteps. Mamdani made history by becoming the first Muslim mayor of NYC. Despite being a lesser-known political figure before Trump’s victory in 2024, Mamdani galvanized young voters, carrying precincts where the median voter age was 45 or younger, beating Cuomo by 30 points.

Mamdani’s engagement with communities in Queens and The Bronx, areas heavily impacted by rising costs of living, highlighted affordability as a major issue. His viral TikTok and Instagram videos, like walking Manhattan, further helped his campaign. In his victory speech, Mamdani declared: "New York will remain a city of immigrants, built by immigrants, powered by immigrants, and as of tonight, led by an immigrant.”

Mamdani’s promises of affordable living, rent freezes, and free city buses drew criticism from skeptics, who called his platform unrealistic. Some analysts fear NYC might follow the paths of London or San Francisco, becoming plagued by rising crime and diminished livability.

Commentators like Anthony Pompliano criticized Mamdani’s socialist ideals but stressed the city's resilience to leadership changes. Max Keiser, however, pointed out that Mamdani’s policies could lead NYC into economic trouble, benefiting Trump in the upcoming midterms. Bill Ackman, despite opposing Mamdani during the campaign, offered his support post-election, tweeting: "Congrats on the win. Now you have a big responsibility. If I can help NYC, let me know."

The crypto sector reacted to Mamdani’s victory with divided opinions. Some like Austin Campbell drew parallels between Mamdani and Trump, citing their reliance on social media and appeal to discontented voters. Others, including Anthony Pompliano and Scott Melker, took a calmer stance, with Melker commenting: "Mayors come and go... New York will be fine."

On the other hand, Bitcoin advocate Max Keiser warned that Mamdani’s policies might push NYC into an economic meltdown, while Laura Shin, former Forbes senior editor, argued against Mamdani’s socialist platform, referencing her family’s suffering under North Korea’s communist regime. With critics spanning both crypto and traditional finance, Mamdani faces skepticism about his governance capabilities.

Mamdani has yet to take a strong stance on cryptocurrencies, with only sparse mentions during his criticism of Andrew Cuomo, who worked as a consultant for OKX, a firm investigated for violating U.S. anti-money laundering laws.

In 2023, Mamdani supported tighter regulation of crypto assets, emphasizing the protection of low-income investors. Currently, two notable crypto bills are under consideration in NYC:

1. A7788: Allows residents to pay legal fees and fines in crypto.
2. A8966: Proposes higher taxes on crypto transactions.

However, Mamdani cannot dictate the adoption of these bills, leaving their fate uncertain. The relationship between NYC’s crypto community and Mamdani’s administration remains to be seen.