Zohran Mamdani won the New York City mayoral election on Tuesday by a decisive margin, with crypto predictions markets again correctly guessing the outcome of a major political race.
Mamdani took just over half the total votes, defeating former governor Andrew Cuomo, who finished with about 40%, according to unofficial results posted by the city’s Board of Elections.
Data from Polymarket showed that about 92% of participants wagered on a Mamdani victory just before election day, including a $1 million position that implied near-consensus odds.
Similar sentiment appeared on Myriad Markets, developed by Decrypt’s parent company Dastan.
In June, Polymarket correctly predicted the outcome of New York’s Democratic mayoral primary, further strengthening its reputation following a correct prediction of Donald Trump’s Presidential victory last year.
Mamdani’s record in the state assembly points to a cautious stance on emerging financial technologies, including crypto.
The 34-year-old, born in Uganda and raised in New York, ran for mayor as a self-described democratic socialist backed by a grassroots, multiracial coalition. His win marks the city’s first mayoral victory by a Muslim candidate and strengthens the influence of New York’s progressive bloc.
He co-sponsored Assembly Bill A7389C, which sought a moratorium on proof-of-work mining using on-site energy generation, citing environmental and community concerns, and has argued that crypto market failures often hurt low-income investors most.
“When crypto companies collapse, it isn’t the rich who suffer, it’s small investors who disproportionately come from low-income and communities of color,” Mamdani said in 2023, in response to legislation introduced by New York Attorney General Letitia James.
Mamdani supports higher taxes on the wealthy and corporations to fund public services, a stance consistent with recent state proposals, like New York’s crypto transaction tax, which lawmakers estimate will raise at least $158 million in annual revenue.
Once he takes office on January 1, Mamdani is expected to emphasize compliance, transparency, and consumer protection over market expansion.