Mamdani Wins NYC Mayor’s Race: Here’s What the Crypto Predictions Markets Foretold

Zohran Mamdani won the New York City mayoral election on Tuesday by a decisive margin, with crypto prediction markets again correctly guessing the outcome of a major political race.

Mamdani took just over half of the total votes, defeating former governor Andrew Cuomo, who finished with about 40%, according to unofficial results published by the Electoral Council of the city.

Data from Polymarket showed that about 92% of the participants wagered on a victory Mamdani just before the election day, including a position $ 1 million that involved odds close to consensus.

Similar feeling appeared on Myriad Markets, developed by Decrypt’s the parent company Dastan.

In June, Polymarket predicted correctly the result of the New York Democratic mayoral primary, further strengthening his reputation after the correct prediction of Donald Trump’s presidential victory last year.

Mamdani’s record in the state assembly indicates a cautious stance on emerging financial technologies, including crypto.

The 34-year-old, born in Uganda and raised in New York, ran for mayor as a self-described democratic socialist backed by a grassroots multiracial coalition. His victory marks the city’s first mayoral victory by a Muslim candidate and strengthens the influence of New York’s progressive bloc.

It is co-sponsored Assembly Bill A7389Cwho sought a moratorium on proof-of-work mining with on-site power generation, citing environmental and community concerns, and argued that crypto market failures often hurt more low-cost investors.

“When crypto companies collapse, it’s not the rich who suffer, it’s the small investors who come disproportionately from low-income and communities of color,” Mamdani. he said in 2023, in response to legislation introduced by New York Attorney General Letitia James.

Mamdani supports higher taxes on the wealthy and corporations to fund public services, a stance consistent with recent state proposals such as New York’s crypto transaction tax, which lawmakers estimate will increase at least. $158 million in annual revenue.

Once he takes office on January 1, Mamdani is expected to emphasize compliance, transparency and consumer protection over market expansion.