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Trump’s Crypto Czar David Sacks is predicting that Miami will dethrone New York City as the nation’s financial capital following the swearing-in of socialist Zohran Mamdani as the city’s 111th mayor.
Sacks, a venture capitalist that was appointed as Trump’s influential advisor on artificial intelligence and cryptocurrency, said in a post on X that if progressive policies continue, it will drive New York’s capital and talent to migrate to the “Sunshine State.”
Miami Mayor Francis X. Suarez replied to Sacks on X, saying companies collectively managing more than $13 trillion in assets under management have already moved an office or headquarters to Miami.
Sacks also argued that progressive policies in San Francisco would push talent and investment to Austin, Texas, making it the new tech capital. The California city recently advanced some of the most aggressive progressive policies in the country. Earlier this month, the city’s Democratic mayor, Daniel Lurie, signed an ordinance establishing a “Reparations Fund” that could eventually grant eligible Black residents up to $5 million for alleged historic discrimination and displacement.
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The measure, passed by the Board of Supervisors and signed by Lurie, creates a legal framework for the fund but does not allocate city money or guarantee payments.
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Sacks announced in a separate post on X this week that Craft Ventures opened an office in Austin. It provoked a response from Tesla’s Elon Musk who replied: “Welcome to Texas! No one will fight harder for the independent and free spirit of Texas than people who know it’s like when that’s taken away.”
On New Year’s Day, Mamdani, a self-proclaimed democratic socialist, was officially sworn in as mayor in a midnight ceremony by New York Attorney General Letitia James. During his inauguration ceremony, Mamdani promised to “lead millions of New Yorkers into a new era of opportunity,” echoing his campaign which centered on making New York City more affordable.
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In November, Mamdani decisively defeated former New York Gov. Andrew Cuomo and Republican Curtis Sliwa, capping a rapid rise in his political career. However, his progressive agenda faced significant pushback from business leaders who viewed his policies as a direct threat to capitalism.
Mamdani’s platform focused on a slate of issues popular with socialists in the Democratic Party, including raising the minimum wage, increasing taxes on corporations and wealthy Americans, tightening regulations on delivery apps, investing in affordable housing, and creating city-owned grocery stores.
FOX Business’ Eric Revell contributed to this report.
