Bill Ackman questions how will NYC’s mayor spend his Bitcoin

Bitcoin adoption has been continuing to surge amid the global COVID-19 pandemic. Since then, the leading crypto asset has seen enormous gains and significant adoptions. However, with optimisms the digital currency has also witnessed several criticisms. Following the potential of BTC, mayors of Miami and New York city have shown interest in receiving BTC paychecks. Following the scenario, Bill Ackman, billionaire investor has urged the NYC’s mayor to clear roadblocks in cryptocurrency access. Ackman believes that such roadblocks are driving the residents to flee the state.

New York has some crypto barriers

In a Thursday tweet to the government of New York, Bill Ackman asked to fix the roadblocks. He specifically mentioned the statement to Kathy Hochul and Mayor Eric Adams.

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According to Ackman, New York city is on its way to become a cryptocurrency center of innovation. Following which, politicians should not lose any more New Yorkers, and create opportunities for growth and innovation and help the entire state and city by removing the barriers.

Notably, the statements came while responding to Mike Dudas, a crypto advocate who complained that his NYC residency makes it challenging to open accounts with most major United States exchanges.

BitLicense as an abomination and embarrassment

Mike Dudas is an early stage venture capital fund that has invested in cryptocurrencies  alongside the likes of Andreessen Horowitz. Dudas claimed that he would most likely move to Connecticut due to obstacles. Moreover, he slammed the BitLicense as an absolute abomination and embarrassment to New York.

Indeed, individuals seeking to make and receive cryptocurrencies do not need a BitLicense until they want to transact regulated cryptos. To transact regulated cryptocurrencies in the state a user must have the permit which is issued by the state’s Department of Financial Services.

Hefty legal fees make Bitcoin transactions bad for businesses. Notably, XAPO, a digital assets banking firm gave up its own BitLicense without revealing why. XAPO also announced that it would halt offering services to US clients altogether.

Hence, the state should understand that crypto innovation is a top priority in the region. And the BitLicense is receiving several accusations that indicate a roadblock between New Yorkers and cryptocurrencies like Bitcoin.