Jack Paul 
A Costly Political Gamble
Brock Pierce, the Tether co-founder and Bitcoin billionaire, just experienced what might be the most expensive political miscalculation of the year. He donated $1.1 million to a super PAC supporting New York mayor Eric Adams—less than a week before Adams dropped out of the race. The timing couldn’t have been worse, turning what was likely intended as a strategic political investment into what appears to be a complete loss.
I think many in the crypto space have been watching Pierce’s political moves with interest, but this particular donation raises questions about due diligence. Giving such a substantial amount so close to an election withdrawal seems, well, poorly timed at best. The money went to a pro-Adams political action committee called Striving for a Better New York, and now it’s essentially stranded with no candidate to support.
The Bizarre Press Conference
Pierce’s response to this political setback was equally unconventional. He held a press conference at Fraunces Tavern where he compared Adams to George Washington and declared his intention to launch a “Draft Eric Back” movement. His words were oddly sentimental—”I stand by my man. He is the apple of my eye”—which struck me as unusual language for political commentary.
During the conference, Pierce expressed shock at Adams’ concession, saying he was “shocked by the blindness of this city.” He refused offers to get his donation back, which perhaps indicates either deep conviction or stubbornness. It’s hard to tell which. He also took aim at Frank Carone, Adams’ former chief of staff, calling him a “rat” who sabotaged the campaign—claims that Carone immediately denied.
Political History and Crypto’s Image
This isn’t Pierce’s first venture into politics. He ran a protest campaign for President in 2020, openly admitting he was “shooting for bronze” rather than actually trying to win. I remember encountering his volunteers during that election—they were earnest but seemed aware their candidate wasn’t going anywhere. The whole effort felt more like a publicity stunt than a serious political campaign.
What’s interesting here is how this reflects on crypto’s evolving public image. While the industry has been working to present a more professional, mainstream face—especially with traditional finance institutions getting involved—figures like Pierce remind everyone of crypto’s more eccentric roots. His antics, while entertaining for observers, might not help the broader industry’s credibility efforts.
Looking Forward
Pierce has now set his sights on defeating Zohran Mamdani, urging Adams, Andrew Cuomo, and Curtis Sliwa to work together toward that goal. Whether this unusual coalition will materialize remains to be seen. The whole situation feels like watching someone try to put together a political puzzle with pieces from different boxes.
Perhaps the most telling aspect is Pierce’s refusal to recoup his donation. It suggests either tremendous confidence in his political instincts or a level of financial detachment that most people can’t comprehend. For someone who made his fortune through calculated risks in cryptocurrency, this political gamble appears to have been one of his less successful ventures.
The crypto world continues to intersect with politics in unpredictable ways, and Pierce’s latest moves serve as a reminder that money doesn’t always translate to political influence—or even basic timing.