Zohran Mamdani has won the New York City mayoral election, taking just over half the total votes and defeating former Governor Andrew Cuomo (who finished with about 40%). This victory was correctly predicted by crypto prediction markets, cementing their reputation for accurately forecasting political outcomes.
Prediction Markets Prove Accuracy
- Polymarket's Success: Data from Polymarket showed that approximately 92% of participants wagered on a Mamdani victory just before Election Day, including a massive $1 million position that indicated near-consensus.
- Track Record: This follows Polymarket's previous correct prediction of the New York Democratic mayoral primary upset earlier in June, as well as Donald Trump’s Presidential victory last year.
The New Mayor's Political and Crypto Stance
Mamdani's win is notable for several reasons:
- Historic Win: The self-described democratic socialist, who ran with grassroots and multiracial coalition support, marks the city’s first mayoral victory by a Muslim candidate and strengthens the city's progressive political bloc.
- Cautious on Crypto: Mamdani's record shows a cautious stance on emerging financial technologies. He previously co-sponsored Assembly Bill A7389C, which sought a moratorium on proof-of-work mining using on-site energy generation due to environmental concerns.
- Investor Protection: He has argued that crypto market failures disproportionately harm low-income investors and communities of color, and he supports consumer protection measures.
- Policy Priorities: Mamdani supports higher taxes on the wealthy and corporations to fund public services and is expected to emphasize compliance, transparency, and consumer protection over market expansion once he takes office on January 1.
The correct call by the prediction markets, which had previously been dismissed by conventional pollsters in the primary, highlights the growing influence of these decentralized platforms in forecasting political sentiment.
November 2025, Cryptoniteuae