₿ Vancouver Mayor Proposes to Create a Bitcoin-Friendly City, Incorporating Bitcoin into the City's Diversified Assets
On November 26, Vancouver Mayor Ken Sim presented a progressive idea at the city council, planning to transform Vancouver into a Bitcoin-friendly city.
While the plan does not aim to establish a Bitcoin strategic reserve like in the United States, the mayor's vision is to incorporate Bitcoin into the city's diversified assets as part of the portfolio, thereby gaining some benefits from the volatility in the cryptocurrency market.
Not just Vancouver, but globally, many companies and institutions have adopted Bitcoin reserve plans, including pension funds, national investment management companies, and financial asset management companies. Some companies even directly promote the use of Bitcoin in their campaign activities.
In the United States, institutional investors have invested up to $13 billion into Bitcoin ETFs. For instance, the Wisconsin Investment Board has invested in the BlackRock launched Bitcoin Spot ETF, iShares Bitcoin Trust ETF (IBIT).
The Government Pension Investment Fund (GPIF) of Japan has also expressed intentions to include Bitcoin in its investment portfolio. This is one of the largest pension funds in the world, managing assets worth up to $1.4 trillion (224 trillion yen).
Goldman Sachs, one of the largest asset management companies globally, also holds IBIT and Grayscale Bitcoin Trust ETF (GBTC), with investment sizes of $461 million and $71 million, respectively.
In summary, the initiatives from countries and cities show that Bitcoin's influence in the global financial sector is gradually increasing.
🗣️ Conclusion:
The proposal by the Vancouver Mayor to transform Vancouver into a Bitcoin-friendly city while incorporating Bitcoin into the city's asset allocation not only signifies an increase in local government acceptance of cryptocurrencies but also demonstrates recognition of the potential of the cryptocurrency market.
From pension funds to national investment management companies to financial asset management companies, countries around the world are actively exploring Bitcoin investments, reflecting the growing influence of Bitcoin in the global financial system.
💬 Do you think Vancouver becoming a Bitcoin-friendly city will have a demonstration effect on other cities? Are you optimistic about Bitcoin's role and development prospects in the global financial system?
