Crypto Prophets Were Right: Zohran Mamdani Takes NYC Mayoral Office by a Landslide
Convincing Victory for the Democratic Socialist
On Tuesday, November 4, 2025, 34-year-old Democratic Party candidate Zohran Mamdani secured a convincing victory in the New York City mayoral election. According to unofficial results from the city's Electoral Commission, he garnered just over 50% of the votes, outpacing former state governor Andrew Cuomo, who received about 40%.
This victory was historic: Mamdani, born in Uganda and raised in New York, became the first Muslim elected as the mayor of the largest city in the USA. His campaign was backed by a multinational coalition focusing on social reforms and economic justice. His inauguration is planned for January 1, 2026.
Blockchain Markets Predicted Outcome with 92% Accuracy
Decentralized prediction platforms once again confirmed their reputation as the most accurate indicators of political events. On Polymarket, a day before the election, 92% of participants bet on Mamdani's victory, including stakes totaling over $1 million. The odds reflected a near consensus among traders.
Similar confidence was observed on Myriad Markets, a platform developed by Decrypt's parent company, Dastan.
Polymarket had earlier accurately predicted the outcome of the Democratic Party's mayoral primaries in June 2025 and Donald Trump's victory in the 2024 presidential elections. Experts note that blockchain markets often outperform traditional public opinion polls due to economic incentives and transaction transparency.
Mamdani’s Cautious Approach to the Crypto Industry
Zohran Mamdani's legislative activities in the New York State Assembly indicate his critical stance on some aspects of the cryptocurrency sector. He co-authored bill A7389C, which proposed a moratorium on proof-of-work (PoW) mining using locally generated energy, citing environmental and social risks.
In 2023, commenting on an initiative by Attorney General Letitia James, Mamdani stated: 'When cryptocurrency companies fail, it's not the wealthy who suffer, but small investors, who disproportionately include low-income individuals and people from communities of color.'
Progressive Agenda and Crypto Taxes
Mamdani advocates for raising taxes on corporations and wealthy individuals to fund social programs. His stance aligns with recent state proposals to impose a tax on cryptocurrency transactions, which legislators estimate will bring the New York budget at least $158 million annually.
What's Ahead for the Crypto Industry Under the New Mayor
Mamdani's administration is expected to focus on strengthening regulatory oversight, enhancing transparency, and protecting consumer rights in the crypto space, rather than promoting market growth. For miners and blockchain companies, this could mean tougher environmental standards and fiscal requirements.
Crypto market analysts note that Mamdani's approach reflects a global trend toward balancing innovation with sustainability. New York, as a financial hub, could become a testing ground for regulatory solutions impacting the entire sector.