The mayor of Vancouver proposed Bitcoin as a city reserve asset for stability
Vancouver Mayor Ken Sim proposed Bitcoin as a reserve asset to protect purchasing power. Jeff Booth supports Ken Sim's idea by recognizing Bitcoin as a strategic asset. Former USA CFTC Chairman Giancarlo advocates for Bitcoin stock, equating it with gold.
Vancouver Mayor Ken Sim has introduced a bold proposal to explore Bitcoin as a reserve asset for the city, aiming to diversify its financial resources and protect its purchasing power.
The motion, titled “Maintaining the City's Affordability by Diversifying Financial Resources: Becoming a Bitcoin-Friendly City,” is scheduled to be officially presented to Vancouver City Council on December 11, 2024. The proposal marks a significant shift towards cryptocurrency adoption. In the capital city administration.
Protecting Vancouver from economic shock using Bitcoin
In his move, Mayor Sim wants to explore how Bitcoin can protect Vancouver from economic volatility and inflation by adding to the city's reserves.
It comes at a time when interest in Bitcoin as a reserve asset is growing at the government level, particularly in the United States. Several US legislators have recently proposed holding Bitcoin in public financial reserves, highlighting the growing importance of cryptocurrency in national economic strategies.
Although the full wording of the proposal is not yet available, Bitcoin advocate Jeff Booth said in In a discussion at X Spaces on November 26, 2024, he stated that he would be supported by Mayor Sim's plan. Booth described the move by identifying Bitcoin's potential as an important step. A strategic financial asset for the city.
The former chairman of the CFTC supports the stock of Bitcoin in the USA
Meanwhile, Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has voiced the possibility of Bitcoin becoming a US strategic reserve asset.
In a recent interview, Giancarlo described Bitcoin as “the world's first digital commodity,” citing its similarities to traditional commodities like gold, oil, and copper. He praised the idea of a national bitcoin reserve, emphasizing its potential to provide long-term financial stability in an increasingly digital economy.
Giancarlo acknowledged concerns about Bitcoin's speculative nature but drew parallels with the dot-com bubble, where early-stage speculation gave way to technological breakthroughs that would transform industries. He believes that the same evolution can happen with blockchain and Bitcoin technology, making it the next step for governments and financial institutions.
