Vancouver Votes to Get Ahead on Bitcoin
Vancouver, the third-largest metropolitan area in Canada, has passed a policy that could result in the use of bitcoin in city finances. The council of the Canadian city approved a motion on Wednesday to make Vancouver a “Bitcoin-friendly city” and to investigate its potential municipal use.
The motion titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin Friendly City” was announced in late November and received vocal backing from Vancouver Mayor Ken Sim.
Expressing his delight at the passing of the motion, which directs city staff to analyze the potential of integrating bitcoin or converting some of Vancouver’s financial reserves into bitcoin, Mayor Ken Sim said,
“I wanted to do it for a while. You have a bunch of other nation-states, provinces and states all showing an indication that they’re going to do this as well and we want to get ahead of it.”
Mayor Sim has publicly declared that bitcoin is “the greatest invention ever in human history” and that traditional fiat money is “going to zero.” However, he has repeatedly stated that he is not equipped to offer investment advice, but he thinks bitcoin is “potentially” valued at a fraction of its future worth.
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