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Vancouver should adopt Bitcoin as a store of value
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Mayor Ken Sim, who has led Vancouver since 2022, presented a proposal to adopt Bitcoin as the city’s reserve asset.
During the city council meeting held on November 26, Sim detailed the plan titled “Preserving the city’s purchasing power through the diversification of financial resources: becoming a Bitcoin-friendly city”.
The initiative seeks diversify Vancouver’s financial assets and protect your purchasing power in the face of global economic volatility.
The project is expected to be formalized on December 11, but the council’s support is not yet guaranteed. Despite this, the proposal places Vancouver at the center of a growing movement among local governments, who consider Bitcoin as an innovative alternative for managing reserves.
Bitcoin as a store of value
Jeff Booth, investor and supporter of Bitcoin, assessed the initiative as a significant advance. In an analysis published on the social network X, Booth highlighted that Vancouver follows the example of several jurisdictions in the United States.
In states like Florida, the head of the Office of Finance, Jimmy Patronis, has already requested studies on the benefits of integrating Bitcoin into the reserves of the state retirement system.
Furthermore, similar projects appear in Pennsylvania and Texas, strengthening the idea that local governments can find Bitcoin a strategic tool.
Although Mayor Ken Sim demonstrated openness to cryptocurrencies during his campaign, he had not yet taken public action in this regard since taking office.
However, the recent proposal reflects an alignment with global trends and the vision of leaders who see Bitcoin as an alternative to the traditional monetary system.
During a recent interview, observers noticed that Sim keeps a copy of “The Bitcoin Standard”by Saifedean Ammous. The book, widely considered a guide on the relevance of digital currencypoints out how Bitcoin can play a fundamental role in the future of the global economy.
Vancouver should adopt Bitcoin as a store of value
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Vancouver should adopt Bitcoin as a store of value
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Vancouver should adopt Bitcoin as a store of value
