In a recent meeting, Canada’s mayor, Ken Sim, proposed a Bitcoin-friendly plan for Vancouver. If implemented, Vancouver could join the growing list of Bitcoin-friendly countries and cities, including El Salvador, Brazil, Lugano, and others.
Vancouver, the largest city in Western Canada, is considering a move toward Bitcoin adoption under a new proposal from Mayor Ken Sim. Titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” the plan will be presented to the City Council on December 11. If approved, it could significantly transform Vancouver’s approach to cryptocurrencies.
Bitcoin Reserve: A Growing Global Trend
Mayor Sim’s suggestion to consider Bitcoin as a reserve asset follows a growing trend among governments and institutions worldwide, which would place Vancouver and Canada at the forefront of the global movement accepting the Bitcoin Reserve strategy to enhance financial stability and economic growth. Bitcoin is legal in Canada, with no restrictions on holding, buying, or selling it. In fact, Canadians have also been investing in crypto ETFs (including Bitcoin spot ETFs) for years. In February 2021, Canada became the first country to approve these funds.
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Sim’s proposal comes just days after Maya Parbhoe, a presidential candidate for Suriname, shared her vision to build a Bitcoin nation even more deeply rooted in crypto than Nayib Bukele’s El Salvador. El Salvador, the first country to adopt Bitcoin as legal tender, currently holds 5.948K BTC, worth $569.51 million.
Not only the West, but even Bhutan, a country with a relatively small population, has been holding Bitcoin as it uses its hydropower for Bitcoin mining. With 12.211K BTC, Bhutan’s Bitcoin holdings are now worth $1.17 billion.
After a short streak of dip in the past few days, Bitcoin is currently trading at $95,682. At the time of writing, BTC has seen a surge of 3.24% in the past 24 hours, and its market cap stands at a staggering $1.89 trillion.
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