{"id":24217,"date":"2024-11-28T10:36:59","date_gmt":"2024-11-28T10:36:59","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=24217"},"modified":"2024-11-28T10:36:59","modified_gmt":"2024-11-28T10:36:59","slug":"vancouver-mayor-ken-sim-announces-plan-to-add-bitcoin-to-citys-balance-sheet","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=24217","title":{"rendered":"Vancouver Mayor Ken Sim Announces Plan To Add Bitcoin To City\u2019s Balance Sheet"},"content":{"rendered":"

Vancouver\u2019s mayor Ken Sim has announced plans to incorporate Bitcoin into the city\u2019s balance sheet as part of a broader initiative to diversify investments. <\/span><\/p>\n

The proposal, <\/span>unveiled during a 26 November 2024 <\/span><\/a>city council meeting, comes as Sim strives to make Vancouver a \u201cBitcoin-friendly city.\u201d<\/span><\/p>\n

Sim\u2019s notice of motion, titled <\/span>\u201cPreserving the City\u2019s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,\u201d<\/span><\/em> is set to be introduced on 11 December 2024. However, as of 27 November 2024, the motion had not yet been published on the city government\u2019s website.<\/span><\/p>\n

EXPLORE:<\/span>\u00a0Who Accepts Bitcoin in 2024? Companies and Stores That Accept Crypto<\/span><\/a><\/strong><\/p>\n

Vancouver Plans To Make Bitcoin a Reserve Asset<\/span><\/h2>\n

Jeff Booth, a Bitcoin advocate and author, revealed during a Nov. 26 X Spaces discussion that Sim\u2019s motion aims to designate Bitcoin as a reserve asset for Vancouver. <\/span><\/p>\n

Although the mayor\u2019s office did not <\/span>provide a<\/span> comment, the move aligns with a growing trend of governments exploring Bitcoin adoption. <\/span><\/p>\n

In the US, lawmakers in Pennsylvania and the Senate have recently proposed holding Bitcoin as a reserve asset following the 2024 elections.<\/span><\/p>\n

Sim\u2019s interest in cryptocurrency dates back to his mayoral campaign, during which his political party, A Better City, accepted crypto donations to demonstrate its commitment to technology. However, since taking office, Sim has made few public comments on Bitcoin.<\/span><\/p>\n

Bitcoin First: Jeff Booth https:\/\/t.co\/Z3EPVl8xXm<\/a><\/p>\n

\u2014 Bitcoin First (@bitcoinfirst_) November 26, 2024<\/a><\/p>\n\n

Notably, during a recent interview with Global News, a copy of The Bitcoin Standard by Saifedean Ammous was spotted in Sim\u2019s city hall office. The book, widely referenced by crypto proponents, advocates <\/span>for<\/span> Bitcoin adoption in economic policies.<\/span><\/p>\n

While Sim has <\/span>successfully<\/span> fulfilled over 70% of his campaign promises, it remains uncertain whether his Bitcoin motion will gain the necessary support in the Vancouver City Council.<\/span><\/p>\n

EXPLORE:<\/span>\u00a0Impact of Donald Trump\u2019s Presidency on Your Crypto Portfolio<\/span><\/a><\/strong><\/p>\n

Growing Global Interest In Bitcoin<\/span><\/h2>\n

Sim\u2019s promise aligns with growing global interest in cryptocurrency as a strategic asset, echoing a similar promise made by US President-elect Donald Trump during his campaign.<\/span><\/p>\n

Just recently<\/span>, Polish presidential candidate S\u0142awomir Mentzen <\/span>also committed to establishing a Bitcoin reserve<\/span><\/a> if elected in 2025.<\/span><\/p>\n

Likewise, in the US, Senator Cynthia Lummis introduced legislation in July 2024 to create a Bitcoin strategic reserve. The proposal aims to accumulate one million <\/span>Bitcoin<\/span> over five years to hedge against national debt.<\/span><\/p>\n

Meanwhile, other nations have already embraced Bitcoin as a strategic asset. El Salvador, under President Nayib Bukele, made Bitcoin <\/span>legal<\/span> tender in 2021 and now holds 5,748.8 <\/span>Bitcoin<\/span>.<\/span><\/p>\n

Similarly, Bhutan has quietly mined Bitcoin for years, with holdings reportedly valued at $780 million as of September.<\/span><\/p>\n

According to insights from the New York Digital Investment Group (NYDIG), Bitcoin is<\/span> set to become a significant political asset<\/span><\/a> following the recent electoral victories of Donald Trump and the Republican <\/span>party<\/span><\/p>\n

\u201cWhile some investors have allocated to Bitcoin, the most common allocation for investors is still zero,\u201d said Greg Cipolaro, NYDIG\u2019s global head of research. \u201cThere are no excuses now.\u201d\u00a0<\/span><\/p>\n

EXPLORE:<\/span>\u00a0US Bitcoin Reserve: World On Precipice of BTC Arms Race<\/span><\/a><\/strong><\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/span><\/em><\/p>\n

\u00a0<\/p>\n

The post Vancouver Mayor Ken Sim Announces Plan To Add Bitcoin To City\u2019s Balance Sheet<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Vancouver\u2019s mayor Ken Sim has announced plans to incorporate Bitcoin into the city\u2019s balance sheet as part of a broader initiative to diversify investments. The proposal, unveiled during a 26 November 2024 city council meeting, comes as Sim strives to make Vancouver a \u201cBitcoin-friendly city.\u201d Sim\u2019s notice of motion, titled \u201cPreserving the City\u2019s Purchasing Power […]<\/p>\n","protected":false},"author":0,"featured_media":24218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24217"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24217"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/24218"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}