Vancouver Mayor Ken Sim has introduced plans to discover Bitcoin as a part of the town’s monetary technique, marking a shift towards cryptocurrency adoption.
A movement titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city” is ready to be introduced to Vancouver City Council on December 11, 2024.
Vancouver Mayor Proposes Bitcoin As Reserve Asset
At a November 26 council assembly, Mayor Sim submitted a discover of movement to think about Bitcoin as a reserve asset for the town. The movement goals to discover how Bitcoin may diversify Vancouver’s monetary sources and shield the town’s buying energy.
Although the complete textual content of the proposal shouldn’t be but out there on the town’s official web site, Bitcoin advocate Jeff Booth, who spoke throughout a November 26 dialogue on X Spaces, described the movement as a step towards together with Bitcoin within the metropolis’s reserves. Mayor Sim’s workplace has not issued a proper assertion on the movement.
This improvement comes as governments within the United States and different jurisdictions have begun evaluating the function of Bitcoin in public monetary methods. Moreover, latest proposals by Pennsylvania lawmakers and U.S. senators have instructed holding Bitcoin as a reserve asset, signalling a rising curiosity in cryptocurrency amongst public officers.
Political Background and Cryptocurrency Campaigns
Ken Sim, who was elected as Vancouver’s mayor in October 2022, campaigned on a platform emphasizing know-how and innovation. His political celebration, A Better City, accepted cryptocurrency donations in the course of the 2022 election marketing campaign. At the time, Sim described this transfer as a dedication to embracing technological developments.
Since assuming workplace, Sim has not incessantly addressed cryptocurrency or Bitcoin in public. However, throughout a November 25 interview with Global News, a replica of The Bitcoin Standard by Saifedean Ammous was noticed in his City Hall workplace. The ebook, which discusses Bitcoin’s potential as a financial system, is usually cited by cryptocurrency advocates.
However, it stays unsure whether or not the movement will obtain sufficient help from Vancouver City Council members to go.
Broader Context of Bitcoin Adoption
The movement aligns with rising curiosity in Bitcoin adoption by each governments and personal entities. Recently, a publicly-listed Chinese firm, SOS Limited, introduced a $50 million funding in Bitcoin. The firm highlighted Bitcoin’s function as a retailer of worth and a strategic asset.
Additionally, companies resembling Semler Scientific have made substantial Bitcoin purchases, with the corporate buying 297 BTC between November 18 and 22, 2024. Its complete Bitcoin holdings now stand at 1,570 BTC, valued at over $117 million. These developments recommend elevated recognition of Bitcoin as a possible hedge towards conventional monetary instability.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Known for his incisive evaluation and insightful content material, he possesses a powerful command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
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