Bitcoin

The Vancouver City Council has taken a bold step toward embracing Bitcoin, approving a motion to explore its integration into the city’s financial framework. Mayor Ken Sim introduced the initiative, which envisions Vancouver becoming a “Bitcoin-friendly city” by potentially creating a Bitcoin reserve and enabling cryptocurrency payments for municipal services. 
<h2 id="span-style-font-weight-400-bitcoin-friendly-city-span">Bitcoin-Friendly City</h2> 
The motion, presented at a Dec. 11 council <a href="https://www.youtube.com/watch?v=B8qu4xD0jgo">meeting</a>, passed with six votes in favor, two against, and three absences. Mayor Sim argued that adopting <a href="https://thecoinrise.com/is-bitcoin-really-a-hedge-against-inflation/">Bitcoin could serve as a hedge against inflation</a> and currency devaluation, safeguarding Vancouver’s financial future. “We have affordability challenges, and I truly believe that Bitcoin could address these issues,” he remarked during the session. 
Sim underscored his point by highlighting a stark financial trend: while Vancouver housing market saw a staggering 381% increase in value from 1995 to 2022, gold prices remained relatively stagnant. Additionally, the city’s $3.1 billion fixed-income securities portfolio has suffered a $185 million market value loss. “There’s something fundamentally wrong here,” Sim stated, emphasizing the need for innovative financial strategies. 
To demonstrate his confidence in Bitcoin’s potential, Sim pledged a personal donation of $10,000 worth of Bitcoin to the city, regardless of the motion’s outcome. 
<h2 id="span-style-font-weight-400-diverging-opinions-support-vs-skepticism-span">Diverging Opinions: Support vs. Skepticism</h2> 
While the motion passed, it sparked intense debate. Councilor Pete Fry expressed concerns about <a href="https://thecoinrise.com/bill-to-target-illicit-crypto-activities-sees-green-light-from-the-uk-house-of-lords/">cryptocurrency’s association with illicit activities</a> and a lack of legal clarity surrounding its use in municipal operations. “In the absence of clear regulations, this could set a dangerous precedent,” Fry warned. 
Councilor Adriane Carr voiced <a href="https://thecoinrise.com/michael-saylor-believes-bitcoin-minings-environmental-impacts-are-just-lobbyist-propaganda/">apprehension over Bitcoin mining’s environmental toll</a>, citing its high electricity consumption as a critical issue. “The environmental impact cannot be ignored,” she argued, opposing the motion. 
Despite these reservations, the council agreed to commission a detailed report on the feasibility, risks, and benefits of Bitcoin adoption. The findings are expected by the end of the first quarter of 2025. 
Mayor Sim framed the initiative as a forward-looking measure to ensure Vancouver’s resilience in a rapidly changing economic landscape. 
The post <a href="https://thecoinrise.com/vancouver-explores-bitcoin-integration-amid-debate-over-risks-and-benefits/">Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

Vancouver Explores Bitcoin Integration Amid Debate Over Risks and Benefits

Table of Contents

TheCoinrise Media

Other articles published on Dec 12, 2024

Ethereum Price Prediction to Reach a $5000 Target

Microsoft Rejects Bitcoin Investment Proposal Backed by Michael Saylor

Peter Brandt: Bitcoin-to-Gold Ratio Hits Bullish Inflection Point

Visionary Entrepreneur Patents World’s First Non-Depreciating Crypto Asset

XRP Targets $4.40 As A Third Bullish Pennant Pattern Is Now Formed

What’s Next for XRP? 3 Major Events That Could Shape Its Price

Join our free newsletter for daily crypto updates!