NYC’s Bitcoin Bond Gamble: Comptroller Calls Adams’ Crypto Play ’Fiscally Irresponsible’

New York City’s comptroller just threw cold water on Mayor Eric Adams’ bold—or reckless—plan to issue bitcoin-backed municipal bonds. The move, which would make NYC the first major city to dive into crypto debt instruments, is being framed as a fiscal Hail Mary by critics.

While Adams pitches it as innovative financing, skeptics see it as another politician chasing crypto’s siren song—right as regulators circle the industry. Because nothing says ’prudent fiscal management’ like betting taxpayer money on an asset class that swings 20% before breakfast.

The comptroller’s office isn’t mincing words: calling the proposal ’speculative’ and ’untested’ while warning it could expose the city to unnecessary risk. But hey—if the bonds crash, at least the blockchain record will be immutable.