2024

Bitcoin

Hedge

<h4><strong>Ken Sim, Mayor of Vancouver, is making waves with a bold proposal to integrate Bitcoin into the city’s financial framework.</strong></h4> 
<p>At a council meeting on Dec. 11, he introduced a motion titled <em>“Preserving the City’s Purchasing Power Through Diversification of Financial Reserves—Becoming A Bitcoin Friendly City.”</em> His plan aims to protect Vancouver’s finances from inflation and the volatility of traditional currencies.</p> 
<h5><strong>Sim Advocates Bitcoin as a Hedge and Vancouver Model</strong></h5> 
<p>Sim argues that Bitcoin’s 16-year track record shows its potential as a reliable asset. He noted that Bitcoin has established a solid reputation over the last few years. And, it could act as a hedge against inflation and currency devaluation.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e8-1f1e6.png" alt="🇨🇦" class="wp-smiley" style="height: 1em; max-height: 1em;">Vancouver’s Mayor <a href="https://twitter.com/KenSimCity?ref_src=twsrc%5Etfw">@KenSimCity</a> is presenting his Bitcoin proposal at today’s City Counsel meeting</p> 
 <p>If approved, residents could pay for city services in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/841sQeCz83">pic.twitter.com/841sQeCz83</a></p> 
 <p>— CryptosRus (@CryptosR_Us) <a href="https://twitter.com/CryptosR_Us/status/1866918372526391772?ref_src=twsrc%5Etfw">December 11, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>His <a href="https://council.vancouver.ca/20241211/documents/cfscA3.pdf" target="_blank" rel="noopener">proposal</a> isn’t a sudden shift in strategy. Sim has long been a fan of cryptocurrency. He accepted crypto donations during his run for office in 2022. Sim believes Vancouver should learn from the growing adoption of Bitcoin globally.</p> 
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  Sim’s proposal
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<p>He pointed to examples of Zug and Lugano in <a href="https://www.altcoinbuzz.io/partnerships/bitcoin-in-switzerland-more-cities-accept-the-coin/" target="_blank" rel="noopener">Switzerland</a>, Seoul in South Korea, El Salvador, and even small communities in Africa. These regions have successfully used Bitcoin to stabilize and diversify their financial systems, a model Sim believes Vancouver can replicate.</p> 
<h5><strong>Bitcoin as a Hedge Against Inflation</strong></h5> 
<p>Sim’s push for BTC comes as traditional fiat currencies suffer a huge decline due to inflation. Most nations are seeking alternatives, and many consider Bitcoin a possible choice. Sim recommends Bitcoin as part of Vancourver’s reserves for financial stability.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">My comments in the chambers today in support of the Mayor’s motion to explore the viability of the city of Vancouver accepting payment in Bitcoin, or incorporating it into our financial reserves. Staff to report back by end of Q1 2025. <a href="https://twitter.com/hashtag/vanpoli?src=hash&amp;ref_src=twsrc%5Etfw">#vanpoli</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/jgcoVEiYq1">pic.twitter.com/jgcoVEiYq1</a></p> 
 <p>— Peter Meiszner (@PeterMeiszner) <a href="https://twitter.com/PeterMeiszner/status/1866991210939945113?ref_src=twsrc%5Etfw">December 11, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><br> His vision for a “Bitcoin-friendly city” includes strategies such as accepting taxes and fees in BTC, which he believes will preserve the value of taxpayer dollars.</p> 
<h5><strong>A Study on Feasibility</strong></h5> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">My 3 minute presentation to <a href="https://twitter.com/CityofVancouver?ref_src=twsrc%5Etfw">@CityofVancouver</a> and Mayor <a href="https://twitter.com/KenSimCity?ref_src=twsrc%5Etfw">@KenSimCity</a> in favor of today’s motion to move towards adding <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> to the city treasury strategy.</p> 
 <p>Local governments have a responsibility to insulate their communities from federal deficit spending. <a href="https://t.co/ikiKkioxxB">pic.twitter.com/ikiKkioxxB</a></p> 
 <p>— Scott Dedels (@LanternBitcoin) <a href="https://twitter.com/LanternBitcoin/status/1867031637265092808?ref_src=twsrc%5Etfw">December 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>To move forward, Sim has requested a comprehensive report by Q1-2025. The study will explore the practicality, risks, and advantages of BTC adoption. This includes examining asset management, storage, conversion, and engaging the local community for input.</p> 
<p>Whether Vancouver becomes a Bitcoin pioneer remains to be seen, but Sim’s proposal highlights growing interest in cryptocurrencies as tools for financial resilience.</p> 
<p><iframe title="I HAVE NEWS FOR XRP LINK HOLDERS! It Has Finally Happened" width="696" height="392" src="https://www.youtube.com/embed/u8b-o-p-JbY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/vancouver-mayor-proposes-bitcoin-adoption-against-inflation/">Vancouver Mayor Proposes Bitcoin Adoption Against Inflation</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Vancouver Mayor Proposes Bitcoin Adoption Against Inflation

Altcoin Buzz

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