Fake News Spreads Rapidly Claiming Zohran Mamdani Will Tax All Bitcoin Transactions in NYC
New York City voters ushered in a new era when Zohran Mamdani secured a narrow victory in the mayoral election, promising progressive reforms to tackle affordability and equity. The Democratic Socialist’s campaign emphasized bold investments in public services, drawing strong support from younger demographics and labor unions across the boroughs. Yet a new fake news claim about taxing Bitcoin transactions surfaced on X today, casting an unwanted shadow over his election win and stirring alarm in the crypto space.
The rumor originated from an AI-generated image posted by an obscure account, which quickly gained traction by high-profile users. Crypto influencer “gmoney.eth” amplified the graphic to his followers before deleting the post, unaware at first of its falsity. Fact-checking outlets swiftly dismantled the hoax, confirming no such policy existed in Mamdani’s detailed platform documents released during the race.
Origins and Rapid Spread of the Deceptive Claim
The fabricated announcement featured stark blue text declaring “MANDATORY BITCOIN TAX COMING TO NYC” alongside a sub-caption outlining a supposed levy on all Bitcoin transactions. It framed the measure as a tool to update city revenue streams, while warning that it might drive away digital asset firms and individual holders from the state. This narrative resonated deeply with crypto enthusiasts already wary of regulatory hurdles in financial hubs like New York.
Several self-proclaimed breaking news accounts on X reposted the news and image without basic verification, racking up thousands of views and retweets. Users in the Bitcoin and crypto community expressed frustration in comment threads, highlighting how such unvetted content erodes trust in emerging technologies. One prominent trader noted in a viral reply that the timing felt deliberate, aimed at undermining Mamdani’s early momentum just as he prepared to take office in January.
Mamdani’s actual policy agenda centers on fiscal measures that target wealth disparities without touching cryptocurrencies. He advocates for a 2% hike in income taxes on residents earning over a million dollars annually, directing those funds toward expanded affordable housing initiatives and subsidized childcare programs.
Experts in media literacy point out that election seasons amplify these risks, with automated tools such as AI making it easier to craft convincing fakes. Educational efforts from outlets like ours at BitcoinProtocol.org aim to equip readers with strategies for cross-checking sources, such as reviewing official campaign sites or using reverse image search functions. In this case, a simple query into Mamdani’s archived proposals revealed the rumor’s disconnect from reality.