Vancouver City Council of Canada has passed the “Bitcoin Friendly City” motion to ramp up its efforts to get ahead of Bitcoin’s exploration in municipal finance.
Vancouver’s Ambitions to Become Canada’s Bitcoin-friendly City
Vancouver Mayor Ken Sim said in an interview before the council vote that although this idea has been brewing for a long time, the public was not ready before. However, a motion to become a “Bitcoin-friendly city” was passed Wednesday by the Canadian city’s council.
The motion seeks to understand Bitcoin’s possible application in municipal use. He added that “all of a sudden, with what happened in the States, you have a bunch of other nation-states and provinces and states all showing an indication that they’re going to do this as well.” Vancouver’s Mayor wanted to seize the opportunity in this trend and get ahead of it.
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Since announcing the motion in late November, Sim has come out in support of Bitcoin, even calling it “the greatest invention ever in human history” and stating that conventional fiat currency is “going to zero.” He had first proposed the motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City” in November, which was passed on Wednesday. Sim believes Bitcoin is “potentially” valued at a fraction of its future worth, even as he restrains from any kind of personal endorsement for Bitcoin.
Bitcoin is currently trading at $101,445.74 after a surge of 4.13%. There has been a growing trend of the Bitcoin Reserve Strategy that has taken global powers by storm. After the US, Poland, and Brazil, even Russia is contemplating introducing a Bitcoin Reserve, given the rising global political instability manifesting in forms of war, civil unrest in South Korea, and so on.
Bitcoin, which has been dubbed the best-performing asset in 12 years, is what everyone is reaching out to.
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Also Read: Bridgewater’s Ray Dalio: Invest in Bitcoin, Gold Rather than Debt Assets
