NYC Comptroller Say No To Mayor Bitcoin-Backed Bond Plan Because Of Money And Law Wahala
New York City Oga Kudi, Brad Lander, don reject Mayor Eric Adams plan to launch city bonds wey Bitcoin go back, say di plan no get sense for money mata and e get kasala for law. Di plan, wey dem call 'Bitbond' for Bitcoin 2025 conference, be say dem wan use am fund city road, house wey people fit afford, and schools with 10-year bond wey go give 1% yearly interest and small profit if Bitcoin price go up. Di documents say 90% of di money dem collect go go for government spending, while 10% go build Bitcoin reserves. Lander talk say because crypto, especially Bitcoin, dey high and low all di time, e no good for funding important public projects. E still point out say using dis kind debt fit make investors no trust New York City bond market and e fit even break federal tax laws. Current rules say city money dem go use am direct for capital assets, so no much room for other uses like crypto reserves. Dis strong resistance for US dey different from wetin dem don try for other countries with crypto-backed city finance, and e show say crypto assets still get hard time to enter mainstream finance.
Bearish
New York City’s Comptroller don reject di Bitcoin-backed municipal bond proposal, and dis one na clear sign say Bitcoin get wahala to mix with traditional money market. Di gbas-gbos from di regulatros dem – dem dey worry about how Bitcoin dey shaki-shaki, di risk to govment money, and if investors go trust am, plus di legal wahala – all dis one just show say e dey hard for crypto money dem to enter U.S. local govment market. For traders, dis one mean say e get big block for Bitcoin to become normal and for big companies to use am as main security. E go limit how much e go fit grow if govment no join hands. For short term, dis kind news fit make investors wey dey expect crypto to spread wide no too happy. For long term, if dis kind public wahala just dey happen, e fit make people feel say regulatory risk dey strong, and dis one fit make Bitcoin no too attractive for govment or local govment investment.