- Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to present protection to shopping energy
- Jeff Sales put of living supports Ken Sim’s proposal, recognizing Bitcoin’s probably as a strategic asset
- Pale USA CFTC Chairman Giancarlo advocates for Bitcoin reserves, likening it to gold
Vancouver Mayor Ken Sim has launched a intrepid proposal to explore Bitcoin as a reserve asset for the city, aiming to diversify its financial property and safeguard its shopping energy.
The go, titled “Maintaining the city’s shopping energy via diversification of monetary property: Turning correct into a Bitcoin-pleasant city,” is scheduled to be officially provided to the Vancouver Metropolis Council on December 11, 2024.
The proposal marks a large shift toward cryptocurrency adoption by a necessary city govt.
Maintaining Vancouver from economic shocks the usage of Bitcoin
In his go, Mayor Sim seeks to investigate how Bitcoin can assist protect Vancouver from economic volatility and inflation by including it to the city’s reserves.
It comes amid rising hobby in Bitcoin as a reserve asset on the government stage, particularly within the US. Several US lawmakers rep unbiased no longer too long within the past proposed holding Bitcoin in public financial reserves, highlighting the rising consideration of cryptocurrency in nationwide economic solutions.
Even even though the elephantine textual philosophize material of the proposal has no longer but been made readily available, Bitcoin suggest Jeff Sales put of living voiced reinforce for Mayor Sim’s plan during a dialogue on X Areas on November 26, 2024. Sales put of living described the go as an extraordinarily principal step in recognizing Bitcoin’s probably as a strategic financial asset for the city.
Pale CFTC chairman supports a Bitcoin reserve within the US
Meanwhile, Christopher Giancarlo, the primitive Chairman of the US Commodity Futures Trading Price (CFTC), has been vocal in regards to the likelihood of Bitcoin as a strategic reserve asset for the US.
In a fresh interview, Giancarlo referred to Bitcoin as the “world’s first digital commodity,” noting its similarities to old style commodities similar to gold, oil, and copper, which nations rep historically hoarded.
He praised the thought of a nationwide Bitcoin reserve, emphasizing its probably to style long-time length financial stability in an an increasing number of digital economic system.
Giancarlo also acknowledged concerns about Bitcoin’s speculative nature but drew parallels to the dot-com bubble, the put early-stage hypothesis gave blueprint to technological breakthroughs that revolutionized industries. He believes the an analogous evolution would possibly maybe occur with blockchain and Bitcoin technology, making it a forward-taking a glimpse transfer for governments and financial institutions.
