Vancouver’s mayor announces plans to make the city more welcoming to Bitcoin, with initiatives aimed at supporting cryptocurrency integration into local businesses and infrastructure
The widespread adoption of Bitcoin has resulted in the city mayor’s aspiration to establish a Bitcoin-friendly city in the country
During the November 26 meeting of the Vancouver City Council, Mayor Ken Sim announced his intention to establish Vancouver as a Bitcoin-friendly city in Western Canada.
Ken may not have established a Bitcoin reserve in the same manner as the United States, but his objective was to establish Bitcoin as a diversified asset for the city of Vancouver.
To put it simply, it involves the incorporation of Bitcoin into their investment portfolio and the subsequent exposure to the fluctuations in the cryptocurrency market.
Pension funds, state investment administrators, and financial asset managers are among the numerous organizations that have implemented measures. Some individuals even advocate for the utilization of Bitcoin for campaign purposes.
“Development of a Bitcoin-friendly city: Diversifying financial resources to preserve the city’s purchasing power,” Ken stated in the video meeting that was published.
Vancouver and other cities are transitioning to Bitcoin.
The Bitcoin or Bitcoin ETF plan has been proposed or implemented in numerous states and cities, in addition to Vancouver. Institutional investors in the United States were purchasing Bitcoin ETFs for about $13 billion.
The State of Wisconsin Investment Board was among the first institutions to incorporate Bitcoin into their portfolio. Specifically, the iShares Bitcoin Trust ETF (IBIT) was a Bitcoin spot ETF that was released by BlackRock.
The Government Pension Investment Fund (GPIF) of Japan expressed an interest in incorporating Bitcoin into their portfolio earlier this year. GPIF, the world’s largest pension fund, oversees assets totaling 224 trillion Yen, or $1.4 trillion. This suggests a positive outlook for the future.
Goldman Sachs, one of the world’s largest asset administrators, also contains the Grayscale Bitcoin Trust ETF (GBTC) and IBIT, with respective assets of $461 million and $71 million.
