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Crypto Journalist
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Zohran Mamdani was elected as the next mayor of New York City, which marked a historic moment for the city and a remarkable victory for cryptographic prediction markets that once called the outcome with surprising accuracy.
Key tips:
- Zohran Mamdani won the New York City mayoral race, becoming the city’s first Muslim mayor.
- Polymarket traders hailed Mamdani’s victory, continuing his strong record in major political forecasts.
- Mamdani’s cautious stance on crypto signals tighter oversight and consumer protection for New York’s digital asset sector.
According to unofficial results from the City Board of ElectionsMamdani secured just over 50% of the vote, defeating former governor Andrew Cuomo, who captured about 40%.
The Associated Press officially called the race for Mamdani on Wednesday.
Polymarket traders score again after predicting Mamdani mayoral victory in NYC
Data from Polymarket, the blockchain-based prediction platform, showed that 92% of traders bet on a Mamdani victory before election dayincluding a $1 million position that pushes implied probability close to certainty.
The result adds to Polymarket’s growth record after correctly predicting Donald Trump’s presidential victory last year and the New York Democratic mayoral primary in June.
Mamdani, 34, born in Uganda, raised in Queens, a progressive and self-described democratic socialist, becomes the first Muslim mayor of New York.
His campaign is centered on affordability, including tackling rent, childcare and public service funding through higher taxes on the city’s wealthiest 1%.
While Mamdani’s victory represents a breakthrough for New York’s progressive movement, it also raises questions for the city’s crypto and fintech sectors.
Unlike previous mayors, including Eric Adams and Cuomo, who have expressed open support for the digital asset, Mamdani’s stance has been cautious.
As a member of the State Assembly, he co-sponsored Bill A7389C, which seeks a moratorium on the proof of crypto mining work using on-site energy generation, citing environmental and community concerns.
“When crypto companies collapse, it’s not the rich who suffer,” Mamdani said in 2023 after the merger of Terra and FTX. “They are small investors from low income and communities of color.”
The mayor-elect has always emphasized consumer protection and transparency over the expansion of the industry.
His comments align with New York Attorney General Letitia James’ push for stronger oversight, including a proposed crypto transaction tax projected to generate more than $150 million annually.
Crypto Titans Clash with Mamdani as Billionaires Fund Anti-Mayor Campaigns
Despite limited direct engagement with crypto issues during his campaign, Mamdani’s critical remarks toward the industry, and toward Cuomo’s advisory role for crypto exchange OKX, which later paid $500 million in penalties, drew backlash from prominent figures in technology and finance.
Gemini’s Tyler Winklevoss and Sequoia’s Shaun Maguire were among those criticizing Mamdani, while billionaire Bill Ackman poured funds into anti-Mamdani PACs.
Mamdani swept the opposition with characteristic wit. “He spends more money against me than I have yet taxed him.”
As Mamdani prepares to take office on January 1, all eyes are on how his administration will navigate the balance between progressive politics and the city’s influential financial and crypto sectors.
