Let us please stop referring to New York City as a hub for capitalism.
It isn’t.
Instead, it’s a center for crony capitalism, a form of socialism for the rich.
It’s also a jurisdiction laden with red tape and high taxes that’s largely unaffordable for the poor, middle and working classes.
It’s also home to Wall Street, which has been bailed out time and time again at the expense of the U.S. taxpayer and the value of the U.S. dollar itself.
What is more, NYC is subject to the BitLicense, which makes it hard for Bitcoin companies to serve New Yorkers, creating more friction for those who want to break free from the crony capitalistic system via Bitcoin.
If more people held and understood Bitcoin, they wouldn’t have voted for Zohran Mamdani.
But the traditional financial system doesn’t want people to understand it, because it would make that system irrelevant.
So, in essence, I blame Wall Street and the other benefactors of the Cantillon Effect (look it up) as well as the bureaucratic hellhole that is NYC (and New York State more broadly) for Mamdani being elected mayor.
Until we confront on a larger level how Wall Street/bank bailouts, infinite money printing, and red tape hurts the most financially vulnerable among us and acknowledge that Bitcoin is an answer to this, expect many more Mamdani types to be elected.
