- Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to guard buying energy.
- Jeff Booth helps Ken Sim’s proposal, recognizing Bitcoin’s potential as a strategic asset.
- Former USA CFTC Chairman Giancarlo advocates for Bitcoin reserves, likening it to gold.
Vancouver Mayor Ken Sim has launched a daring proposal to discover Bitcoin as a reserve asset for the city, aiming to diversify its monetary assets and safeguard its buying energy.
The motion, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” is scheduled to be formally introduced to the Vancouver City Council on December 11, 2024. The proposal marks a major shift towards cryptocurrency adoption by a significant city authorities.
Protecting Vancouver from financial shocks utilizing Bitcoin
In his movement, Mayor Sim seeks to research how Bitcoin may assist defend Vancouver from financial volatility and inflation by including it to the city’s reserves.
It comes amid rising curiosity in Bitcoin as a reserve asset on the authorities stage, notably within the United States. Several US lawmakers have lately proposed holding Bitcoin in public monetary reserves, highlighting the growing consideration of cryptocurrency in nationwide financial methods.
Although the total textual content of the proposal has not but been made accessible, Bitcoin advocate Jeff Booth voiced help for Mayor Sim’s plan throughout a discussion on X Spaces on November 26, 2024. Booth described the movement as an essential step in recognizing Bitcoin’s potential as a strategic monetary asset for the city.
Former CFTC chairman helps a Bitcoin reserve within the USA
Meanwhile, Christopher Giancarlo, the previous Chairman of the US Commodity Futures Trading Commission (CFTC), has been vocal in regards to the potential for Bitcoin as a strategic reserve asset for the US.
In a recent interview, Giancarlo referred to Bitcoin as the “world’s first digital commodity,” noting its similarities to conventional commodities such as gold, oil, and copper, which nations have traditionally hoarded. He praised the thought of a nationwide Bitcoin reserve, emphasizing its potential to supply long-term monetary stability in an more and more digital economic system.
Giancarlo additionally acknowledged considerations about Bitcoin’s speculative nature however drew parallels to the dot-com bubble, the place early-stage hypothesis gave solution to technological breakthroughs that revolutionized industries. He believes the identical evolution may happen with blockchain and Bitcoin know-how, making it a forward-looking transfer for governments and monetary establishments.
