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Vancouver Mayor Ken Sim has ignited debate with a bold motion to explore Bitcoin as a reserve asset. Set for a December 11 vote, the proposal seeks to safeguard the city’s purchasing power and align with global cryptocurrency trends.
Exploring Bitcoin as a Reserve Asset for Vancouver
Considering Bitcoin as a city reserve asset was Mayor Sim's agenda item for the council meeting on November 26. In order to safeguard the purchasing power of the city of Vancouver, the motion seeks to investigate the ways in which Bitcoin could diversify its financial resources, Coingape reports.
While the official city website does not yet have the entire language of the proposal, Bitcoin advocate Jeff Booth, speaking during a debate on X Spaces on November 26, described the motion as a step toward adding Bitcoin to the city's reserves. No official statement regarding the proposal has been released by Mayor Sim's office.
This shift occurs as some national governments, including those in the US, have started to assess Bitcoin's potential contribution to their public finance plans. Bitcoin has also been proposed as a reserve asset by senators and representatives from Pennsylvania, indicating that public officials are becoming increasingly interested in cryptocurrencies.
Mayor Ken Sim’s Vision for Technology and Innovation
The mayor of Vancouver, Ken Sim, was elected in October 2022 on a platform that prioritized technological advancement and new ideas. Crypto donations were accepted by his political party, A Better City, during the 2022 election campaign. Sim framed this change as an effort to welcome new technologies when he made it.
Cryptocurrency and Bitcoin have been mostly out of Sim's public eye since she took government. But a copy of Saifedean Ammous's The Bitcoin Standard was found in his City Hall office during an interview with Global News on November 25. Crypto proponents frequently reference the book, which delves into Bitcoin's potential as a monetary system.
Nevertheless, the motion's viability depends on the level of support it receives from the Vancouver City Council.
Rising Bitcoin Adoption Among Governments and Corporations
Governments and private organizations alike are showing an increasing interest in Bitcoin adoption, which is in line with the move. Earlier last month, SOS Limited, a Chinese publicly traded business, revealed a $50 million Bitcoin investment. The corporation emphasized Bitcoin's function as an asset and a medium of exchange.
Also, companies like Semler Scientific have bought a lot of Bitcoin; between November 18 and 22, 2024, the firm bought 297 BTC. With a current valuation of nearly $117 million, its total Bitcoin holdings amount to 1,570 BTC. These changes indicate that Bitcoin is being more acknowledged as a possible protection against conventional financial instability.
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