Can Andrew Yang turn New York into the world’s cryptocurrency capital?

In his campaign to become the next New York City mayor, Yang has shown he is a passionate proponent of digital currencies and is equipped to turn the cultural capital into a major cryptocurrency hub

John Mac Ghlionn

Published: 5:30am, 20 Feb 2021

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In America and Americans and Selected Nonfiction, John Steinbeck wrote, “New York is an ugly city, a dirty city. Its climate is a scandal, its politics are used to frighten children, its traffic is madness, its competition is murderous. But there is one thing about it – once you have lived in New York and it has become your home, no place else is good enough.”

Sharing similarities with Stockholm syndrome, New Yorker syndrome involves captives bonding with their captor and castigating anyone bold enough to question such loyalties. With New Yorker syndrome, disgust and fear turn into admiration and love over the course of a few weeks. An irrational love.

New Yorkers love New York in a way that is both admirable and absurd in equal measure. The city has an embarrassment of problems, but love – be it irrational or otherwise – definitely isn’t one. If in doubt, just ask Andrew Yang. He really loves the city. Now, in an effort to save the city he loves from the apparently unlovable Bill de Blasio, Yang is running for mayor.

In a recent tweet, the entrepreneur, politician and philanthropist promised to transform the city into “a hub for BTC and other cryptocurrencies”. If Yang has his way, he could well combine the acronyms for New York and bitcoin and rename the city NYBTC.

Ross Perot, a man who knew a thing or two about political campaigns, famously said, “talk is cheap; words are plentiful; deeds are precious.” With Perot’s quote in mind, can Yang deliver on his tweets? He kicked off his mayoral campaign with a series of blunders and ill-fated headlines, but his polling numbers are impressive.

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According to a poll released on February 10, 28 per cent of eligible voters intend to vote for Yang. More encouragingly, his two biggest rivals, Brooklyn Borough president Eric Adams and New York City comptroller Scott Stringer, have elicited far less enthusiastic responses.

Oscar Wilde famously quipped that the only thing worse than being talked about is not being talked about. Yang has made this quote his mantra, and discussions about him oscillate between commendation and condemnation.

Earlier in the year, Business Insider published a piece discussing a toxic environment that arose during his presidential campaign. As an individual, though, Yang seems to be affable and sincere. Nevertheless, such qualities can only get a candidate so far. When he ran for president, some critics thought Yang was too unserious for office. Others argue that his maths fails to add up.

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If elected mayor, can Yang emulate Francis Suarez, the current mayor of Miami? Right now, Florida’s capital of culture is being developed into a tech hub, with the mayor openly embracing cryptocurrencies, especially bitcoin. In fact, Suarez wants to make Miami the most bitcoin-friendly city in the country.

Can Yang steal some of Miami’s thunder? Absolutely, and he knows this better than most. As Coindesk contributor Alexander Zaitchik wrote last year, Yang “was the first true crypto candidate to emerge since the advent of digital currencies and blockchain technology.” Zaitchik told readers that Yang “will be remembered for his detailed crypto platform and for the genuine enthusiasm he demonstrated as an advocate for the technologies”.

Not only did Yang run a cryptocurrency-savvy campaign, he has been a passionate proponent of cryptocurrencies for some time. Unlike so many traditional politicians who don’t understand the fundamentals of cryptocurrencies, Yang gets it. With a background in technology and data analytics, Yang is equipped to turn New York into a major cryptocurrency hub.

In 2019, Bloomberg’s Richard Florida asked if Miami was a global city or a regional superstar. Two years later, the answer is definitely regional. In a few years’ time, Miami might well be a global player. However, right now, New York City is very much a global city and in many ways is the global city.

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While Miami is busy becoming a magnetic force, New York already has the magnetic apparatus in place, even if the current mayor has done his best to dismantle it.

As a city of major commerce, Miami is in its infancy. New York, on the other hand, is a historically significant place of business. If Yang becomes mayor, he will be in a position to make the cultural capital of the world the cryptocurrency capital of the world.

John Mac Ghlionn is an essayist and cryptocurrency commentator. Follow him on Twitter @ghlionn