Vancouver is the most recent metropolis to affix the discussions on including Bitcoin to the federal government’s monetary reserves. At a metropolis council assembly on November twenty sixth, Mayor Ken Sim submitted his discover of movement, the place he plans to introduce his proposed Bitcoin bill on December eleventh.
The metropolis’s proposal is titled ” Preserving the town’s buying energy by means of diversification of monetary assets: Becoming a Bitcoin-friendly metropolis. ” It goals to combine Bitcoin into the town’s monetary system and make Vancouver a “Bitcoin-friendly city,” utilizing Bitcoin as a hedge towards inflation and selling financial growth.
Vancouver Makes A Move Towards BTC Adoption
Vancouver Mayor Ken Sim is taking the required steps to organize the town for the blockchain. As a Bitcoin supporter, Sim is pushing for widespread adoption to hedge towards inflation and promote financial growth. In a November twenty seventh assembly, Mayor Sim filed a motion of discover detailing his plan to current the proposal to undertake Bitcoin on December eleventh.
🇨🇦VANCOUVER, CANADA, MAYOR PUSHES FOR BITCOIN AS CITY RESERVE ASSET
Vancouver Mayor Ken Sim introduced plans to make the town “Bitcoin-friendly,” proposing Bitcoin as a part of its monetary diversification technique.
A proper movement, set for December, might see the town undertake… pic.twitter.com/TI2rlSgYpX
— Mario Nawfal (@MarioNawfal) November 27, 2024
Under the proposal, Vancouver will rework right into a “Bitcoin City” and authorize the town authorities to diversify its assets to incorporate Bitcoin. If the council approves, residents of Canada’s third-largest metropolis should buy Bitcoin.
However, it isn’t clear within the proposal if Sim additionally authorizes establishing a Bitcoin strategic reserve, much like the one being pushed by US senator, Cynthia Lummis.
Bitcoin market cap presently at $1.88 trillion. Chart: TradingView.com
Mayor Sim And His Campaign For Bitcoin
Sim is likely one of the nation’s most vocal supporters of Bitcoin. During the marketing campaign, Sim’s occasion introduced it might settle for cryptocurrency donations. He defined that their dedication to blockchain know-how demonstrates their plan to just accept crypto as donations. He additionally teased the citizens that he’ll push for crypto-related insurance policies if he wins.
Vancouver Mayor Ken Sim. Image: Chain Debrief
Sim grew to become Vancouver’s mayor in October 2022. During his tenure as metropolis mayor, he not often gave speeches or talks on Bitcoin and cryptocurrencies. Interestingly, a guide titled “The Bitcoin Standard” by Saifedan Ammous was seen within the mayor’s workplace throughout his interview with Global News on November twenty fifth. Many observers pointed to this merchandise in his workplace as proof of the mayor’s curiosity in crypto.
Push For BTC Mainstream Adoption Intensifies
Today, Bitcoin continues to surge in worth because of a rising mainstream adoption. Sim’s transfer to combine Bitcoin into Vancouver’s monetary system is simply one of many many proposals reported lately. According to Jeff Booth, a blockchain writer, Mayor Sim’s proposal goals to advertise the adoption of Bitcoin as a reserve asset.
Aside from Vancouver, just a few states and governments are working time beyond regulation to fast-track Bitcoin’s mainstream adoption. For instance, the state of Florida plans to faucet a portion of its pension funds and use it to purchase crypto. Pennsylvania can also be planning to arrange a Bitcoin reserve. Then, there’s the town of Detroit, which teases a plan to just accept Bitcoin as a fee choice.
Featured picture from DALL-E, chart from TradingView
