In a recent statement at the Bitcoin 2025 conference, New York City Mayor Eric Adams urged for the elimination of the contentious BitLicense framework, a licensing system that governs cryptocurrency operations in the state. Mayor Adams asserted that scrapping the BitLicense would facilitate a more dynamic crypto ecosystem in New York, enhancing its status as a financial hub. Furthermore, he introduced the concept of Bitcoin municipal bonds, dubbed “BitBond.” This innovative financing mechanism aims to support government projects while incorporating cryptocurrencies into municipal finance.
As detailed in a proposal by the Bitcoin Policy Institute, the structure of these bonds suggests that 90% of the total funds raised would be allocated for governmental needs, with the remaining 10% earmarked for direct investments in Bitcoin. Bondholders can expect a modest annual interest rate of 1%, along with potential appreciation from Bitcoin’s price increases. This strategy positions New York to leverage cryptocurrency’s growth to fund essential public services.