Bitcoin

Vancouver Mayor Ken Sim has proposed the establishment of a <a href="https://optimisus.com/news/crypto-news/over-10-billion-in-bitcoin-and-ethereum-options-expire-today/" rel="noopener noreferrer nofollow">Bitcoin</a> reserve to strengthen the city’s financial strategy. The plan, set to be formally introduced on December 11, aims to evaluate Bitcoin&#39;s potential to diversify resources and hedge against economic uncertainty. This initiative reflects a broader trend of governmental interest in cryptocurrency adoption.Sim’s vision aligns with Vancouver’s ambition to become North America’s most Bitcoin-friendly city. The city already hosts the continent&#39;s largest Bitcoin meetups and boasts the highest number of <a href="https://optimisus.com/news/crypto-news/switzerland-approves-a-motion-to-explore-bitcoin-mining/" rel="noopener noreferrer nofollow">Bitcoin merchants</a> per capita. Sim’s political group, A Better City, had earlier embraced crypto by accepting cryptocurrency donations in 2022.Globally, governments are increasingly exploring Bitcoin adoption. El Salvador, for example, declared Bitcoin legal tender in 2021 and has since witnessed a significant GDP increase from $29 billion in 2021 to $34 billion in 2023. However, concerns persist, with the IMF urging tighter oversight of Bitcoin transactions in El Salvador.In the U.S., discussions about Bitcoin as a reserve asset are gaining momentum. Senator Cynthia Lummis has advocated using Bitcoin as a federal reserve asset, even suggesting selling gold reserves to acquire it. States like Pennsylvania are exploring similar ideas, with proposals to allocate funds to Bitcoin to combat inflation.Private institutions are also contributing to this shift. VanEck’s Bitcoin ETF, HODL, holding $1.29 billion in assets, promotes Bitcoin as a reserve asset.

Vancouver’s mayor proposes creating a Bitcoin reserve to strengthen the city’s finances

Optimisus

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