A major shift has occurred globally in terms of how institutions and governments view Bitcoin.
Years ago, Bitcoin was fought and viewed as a mere means of tax evasion or serving criminals and hackers.
Today, the data has changed and institutions and governments have placed it in the same position as gold and considered it as digital gold.
Recently, Vancouver Mayor Ken Sim revealed plans to integrate Bitcoin into the city’s investment portfolio as part of a strategy to make the city a crypto-friendly hub.
This initiative aims to diversify the city’s financial assets and enhance its economic resilience by leveraging the increasing value of digital currency.
Sim filed a notice of motion during a city council meeting on November 26 under the title of preserving the city’s purchasing power by diversifying financial resources and becoming a Bitcoin-friendly city.
The proposal is due to be formally presented on December 11, and aims to modernize the city's financial framework and promote financial stability and growth.
This comes after Bitcoin reached record highs of over $98,000, indicating great potential for long-term returns.
Although the mayor has rarely made statements about cryptocurrencies since taking office in October 2022, his interest in the field was evident during his election campaign when his political party announced it would accept donations in cryptocurrencies.
The presence of “The Bitcoin Standard” in his office also reflects his interest in understanding the economic impact of cryptocurrencies.
This initiative is part of a global trend towards adopting Bitcoin as a strategic asset.
In the United States, President-elect Donald Trump has proposed creating a national Bitcoin reserve, while Venezuelan opposition leader Maria Corina Machado has called for the currency to be adopted as a means of addressing economic challenges.
Canada, for its part, remains at the forefront of this trend thanks to its advanced regulation of digital currencies and full acceptance of Bitcoin.
SIM's proposal awaits City Council approval.
If adopted, Vancouver could become a model for other cities looking to boost their financial resilience by incorporating cryptocurrencies into their investment strategies.
