Latest news with #BitBond
Yahoo
25-06-2025
- Business
- Yahoo
Eric Adams wants to launch a ‘BitBond' in NYC—says industry must 'move while the Iron is hot'
Eric Adams wants to launch a 'BitBond' in NYC—says industry must 'move while the Iron is hot' originally appeared on TheStreet. New York City Mayor Eric Adams is pushing to create a Bitcoin-based investment vehicle dubbed a BitBond, aimed at letting people invest in the city using crypto—not just cash. Speaking at a New York City event alongside TheStreet Roundtable host Scott Melker, Adams said the city is exploring how to offer a bond backed by Bitcoin. 'We have a great deal of instruments, financial that allow those who are investing everything from tax-free bonds to other bonds. We want to examine how do we have a bit bond here—to allow those who want to use Bitcoins to do that same level of investments,' he said. While the city's comptroller opposes the plan, Adams said his office is actively studying workarounds. 'Our team is examining now — my OMB, my budget director — to see the formation of that. 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 fear and lack of education are slowing progress. 'The lack of education and understanding of what this universe looks like is making it fearful for people to move forward,' he said. 'As though we don't have fraud and abuse in stocks, in currency, in credit… but we've highlighted any misstep and we use it as a way of saying, this is why the industry should not grow. You have to move past that.' As for the timeline? 'We gotta move quickly, we gotta move while the iron is hot,' Adams said, referencing growing national support for Bitcoin policy. He also called on the crypto community to keep the pressure on. '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.' Eric Adams wants to launch a 'BitBond' in NYC—says industry must 'move while the Iron is hot' first appeared on TheStreet on Jun 24, 2025 This story was originally reported by TheStreet on Jun 24, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
NYC Comptroller Slams Mayor Eric Adams' Bitcoin Bond Plan as 'Fiscally Irresponsible'
New York City's Comptroller has dismissed a plan by Mayor Eric Adams to back municipal bonds with bitcoin BTC, calling it 'legally dubious and fiscally irresponsible.' Comptroller Brad Lander, who co-manages the city's debt issuance, rejected the proposal just days after Adams pitched the so-called 'BitBond' to a crowd at a bitcoin conference in Las Vegas. 'Cryptocurrencies are not sufficiently stable to finance our city's infrastructure, affordable housing, or schools,' Lander said in a press release. He added that such a move could shake investor confidence and run afoul of federal tax law. The idea is part of Adams' broader push to position New York as a global crypto hub. Since taking office, he has converted paychecks into crypto and launched a digital asset advisory council. But Lander pushed back against the bond, which could use some of the proceeds to buy BTC. He argued that the city's borrowing system is grounded in the U.S. dollar, and any deviation would require mechanisms that the city doesn't have, like converting bitcoin into cash for public spending. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
First major city to potentially launch shocking new financial instrument
New York City could become the first U.S. city to introduce Bitcoin-backed bonds — or 'BitBonds' — if Mayor Eric Adams gets his way. 'It is time for the first time in the history of this city to have a financial instrument that is made for those who are holders of Bitcoin,' Adams said during his speech at the Bitcoin 2025 conference in Las Vegas on Wednesday. 'We need to have a BitBond, and I am going to push and fight to get a BitBond in New York so you can do those same bond investments in New York City,' he added. The mayor's remarks follow growing momentum behind the BitBond concept, first outlined by the Bitcoin Policy Institute (BPI) earlier this year. BPI envisions the product as a hybrid: a fixed-income instrument that also gives investors upside from Bitcoin's appreciation. In theory, BitBonds would offer investors a small yield from interest payments and additional gains if Bitcoin's price rises. BPI said such a product could help implement a strategic Bitcoin reserve while easing the long-term burden of U.S. debt repayments. Adams' comments come weeks after former U.S. President Donald Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve and directed officials to find 'budget-neutral' ways to acquire more BTC without selling the roughly 200,000 coins the government already holds. On the regulatory front, Adams also took aim at the state's crypto licensing framework. 'Let's get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city,' he said, referencing the NYDFS BitLicense program, which has long been criticized for its strict requirements. Adams has consistently championed crypto adoption in New York, including pledging to take his first three paychecks in Bitcoin and hosting the city's first-ever 'crypto summit' earlier this month. Bitcoin (BTC) is currently trading at $107,326, up 1.4% in the past 24 hours. The 24-hour price range is $107,107 to $109,127. As per Kraken's price feeds, BTC is up 57.1% over the past year. First major city to potentially launch shocking new financial instrument first appeared on TheStreet on May 28, 2025
