Vancouver Mayor Proposes Motion to Adopt Bitcoin as Reserve Asset

Amid the skyrocketing value of the cryptocurrency, Vancouver Mayor Ken Sim has proposed a motion for the city to adopt Bitcoin as a reserve asset. Indeed, Sim forwarded the proposal to preserve “the city’s purchasing power through diversification of financial resources” for the motion titled “Becoming a Bitcoin-Friendly City.”

The motion suggests that Vancouver could soon look to invest in BTC as a reserve asset. The British Columbian city is not the first to discuss the idea. Indeed, with Donald Trump elected to once again be President of the United States, there are expectations that he could implement a similar idea for the entire country.

Also Read: Brazil Congressman Proposes Creating National Bitcoin Reserve

Vancouver Looking to Become “Bitcoin Friendly City” In Recent Proposal

November 2024 has proven to be a monumental month in the history of Bitcoin. The asset has seen its value skyrocket alongside the election of Donald Trump. In the last week, it has surpassed the $99,000 mark for the first time in its history. Now, experts are predicting it to eventually surpass $100,000 in the coming months.

That success has driven a mad dash for exposure to the asset class, with BTC in particular. The latest to signal a shift to the digital asset is Vancouver, with its mayor proposing a motion to adopt Bitcoin as a reserve asset. Indeed, Ken Sim recently proposed the idea of what would be a massive shift for the prominent Canadian city.

Canada Implements Rules Governing Crypto Assets in Financial Institutions
Source: Nomadic Matt

Also Read: Trump’s Crypto Council Expected to Set Up Bitcoin Reserve Plan

The motion was submitted and is intended to be introduced in early December. Although it has yet to appear on the city’s website, its purpose has been reported to establish Bitcoin as a reserve asset. The move is one of many similar motions that have been introduced across the world this year.

Sim has proven to be a pro-crypto official throughout his tenure. Specifically, when running to maintain the position he has held since 2022, Sim accepted crypto donations. Indeed, he noted that the decision was made to showcase the party’s “commitment to technology.” That would continue if the city adopted the proposal to create its own BTC reserve.

  • bitcoin
  • Bitcoin Reserve

Comments

Post a Comment

Popular posts from this blog

Analyst: ETH Not Ready for Bull Run till Huge Correction

Image
Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level. In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark. Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020. “There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually… I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” At the time of writing, one Ethereum is worth $1,736. Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digi...
Read more

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more