2024-11-28 02:00 |
Vancouver Mayor Ken Sim has unveiled a groundbreaking proposal to add Bitcoin (BTC) to the city’s financial reserves, citing its potential to protect purchasing power and diversify resources.
The motion, which will be discussed by the council on Dec. 11, aims to position the city as a leader in digital asset adoption.
The proposal, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” highlights Bitcoin’s decentralized and finite nature as a hedge against inflation and economic instability.
Financial hedgeMayor Sim’s motion argues that traditional financial reserves alone may no longer be enough to shield cities like Vancouver from economic shocks. By exploring Bitcoin as part of its reserves, the city aims to diversify its holdings and safeguard its purchasing power in an era of increasing monetary instability.
According to Sim:
“Bitcoin offers a unique opportunity to protect against the erosion of value.”
While the city would take a measured approach, he emphasized the importance of adapting to financial innovations that could benefit taxpayers.
Bitcoin advocate Jeff Booth has rallied behind the proposal, calling it a “game-changer” during a live discussion on X Spaces. Booth, a Vancouver native, likened Bitcoin to digital gold, highlighting its potential to stabilize long-term value and its increasing adoption as a strategic asset globally.
Global trendVancouver’s exploration of Bitcoin aligns with a growing movement among governments and policymakers worldwide.
The idea has gained widespread traction amid the recent shift in US sentiment, which is rumored to be in the process of setting up a federal Strategic Bitcoin Reserve under incoming President Donald Trump.
Additionally, former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has championed Bitcoin as a national reserve asset, citing its parallels to traditional commodities like gold.
He compared Bitcoin’s early-stage volatility to the dot-com bubble, predicting that the technology underpinning it will evolve into a foundational element of global finance.
This momentum is mirrored in policy discussions across various jurisdictions, where Bitcoin is increasingly viewed not as a speculative tool but as a mechanism for economic durability. Both Pennsylvania and Texas have introduced bills to create Bitcoin reserves and rumors suggest several more states are going to join them in the coming weeks.
The post Vancouver mayor eyes Bitcoin to bolster city reserves against economic shocks appeared first on CryptoSlate.
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