In an effort to broaden the city’s financial horizons, Vancouver’s Mayor Ken Sim has put forth an intriguing proposal to incorporate Bitcoin into the city’s investment strategy. This was unveiled during a city council meeting on November 26 with a motion entitled “Preservation of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.”
Support for the Initiative
Advocating for the inclusion of Bitcoin, prominent supporter Jeff Booth characterized the initiative as an opportunity for Vancouver to recognize Bitcoin as a reserve asset. Cointelegraph reached out to Mayor Sim’s office for insights on the proposal but, unfortunately, did not receive a response prior to publication.
A Growing Trend
This move aligns with a growing trend in the United States, where talks are heating up about integrating Bitcoin into financial plans at various levels of government. Some lawmakers have floated the idea of public agencies potentially holding Bitcoin after the forthcoming 2024 elections.
Future Prospects
Throughout his campaign, Mayor Sim consistently expressed a forward-thinking approach toward technology, particularly in relation to cryptocurrency. He made it clear that his political agenda would welcome donations in digital currencies. However, it’s still unclear how much support this Bitcoin initiative will garner from members of the Vancouver City Council.
Source: Cointelegraph
