FX168 Finance Agency (Asia Pacific) reported that after usa's elected president Trump formed a new cabinet that is pro-cryptos, promising to soon establish a bitcoin national strategic reserve asset, Canada began to join the ranks. Vancouver Mayor Ken Sim proposed a bill, asking the city to adopt bitcoin as a strategic reserve asset, aiming to become a bitcoin-friendly city.
Ken announced that Vancouver, Canada plans to add bitcoin to its balance sheet as part of its efforts to diversify investments.
(Source: Twitter)
During the Vancouver City Council meeting held on Tuesday (November 26), Ken submitted a motion notice, scheduled to be proposed on December 11, titled "Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city."
As of Wednesday, the motion does not seem to have been published on the city government's website. The motion indicates that Vancouver may soon consider investing in bitcoin as a strategic reserve asset.
Watcher.Guru reported that Vancouver is not the first city to discuss this idea. In fact, with Trump being re-elected as usa president, there are expectations that he could implement similar policies across the usa.
CoinTelegraph pointed out that it is still unclear whether the Vancouver mayor's motion is a response to the consideration of legislation by local and federal governments in the usa to establish bitcoin reserves. However, it is worth noting that after the 2024 usa presidential election, legislators in Pennsylvania's House of Representatives and the usa Senate have proposed plans to have the government hold bitcoin as a reserve asset.
November 2024 has proven to be a milestone month in the history of bitcoin, with its price soaring to nearly 100,000 dollars before retreating.
(Source: FX168)
With Trump's election, bitcoin experienced a surge known as the 'Trump Trade,' betting that the new cabinet would fulfill the commitment to a national strategy reserve of bitcoin.
This success has prompted western markets to invest in the category of bitcoin assets, with the latest signal of the shift to digital assets coming from Vancouver, where the proposed bill by Ken will represent a significant change for the city.
It has been shown that Ken has been a supporter of cryptos during his tenure. Specifically, during his campaign, he accepted donations in cryptos. He noted that this decision was meant to demonstrate the party's 'commitment to technology,' implying that if elected, he would use cryptos in city hall.
In October 2022, Vancouver residents elected Ken as mayor. However, he rarely made public statements regarding the adoption of bitcoin or cryptos during his tenure.
In an interview with Global News released on Monday, Ken placed a copy of 'The Bitcoin Standard' by Saifedean Ammous in his office at Vancouver City Hall. Many supporters of cryptos have cited this book, first published in 2018, to advocate for the ideas and policies promoting bitcoin adoption.
It is currently unclear whether the proposal raised by Ken can gain sufficient support to be passed by the Vancouver city council. According to Ken, he has achieved over 70% of the 94 points proposed during his campaign since taking office two years ago.
