Vancouver Mayor Suggests Bitcoin for City Reserves
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Vancouver’s Mayor Ken Sim has a new idea to keep the city’s finances steady: Bitcoin. He’s proposing that the city consider adding the cryptocurrency to its reserves. The goal is to protect purchasing power and prepare for potential economic challenges. The plan, called “Preserving the city’s purchasing power through diversification of financial resources,” is set to go before the City Council on December 11.
The idea has sparked plenty of conversation. Bitcoin advocate Jeff Booth is on board, saying it’s a smart step for the city. Former U.S. regulator Christopher Giancarlo has also spoken about the benefits of Bitcoin as a reserve asset, comparing it to gold. Critics, meanwhile, are raising concerns about Bitcoin’s volatility, though supporters argue its long-term value could outweigh the risks.
This isn’t just about Vancouver. It’s part of a larger trend of governments and institutions taking a closer look at crypto. Whether Vancouver takes the leap remains to be seen, but this proposal has definitely put the city in the spotlight.
