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The massive adoption of Bitcoin has spread, and even the city mayor is now aspiring to make a Bitcoin-friendly city in the nation. Vancouver City Mayor Ken Sim, on the city meeting council on Nov. 26, plans to make the major city in Western Canada as a friendly city for Bitcoin. Through this plan, Ken may not have created a Bitcoin reserve as the U.S. did, but he wanted to make Bitcoin a diversified asset for the city. Simply put, it’s adding Bitcoin into their investment portfolio and gaining exposure from the price movement in the cryptocurrency market. Numerous companies have already taken action, including pension funds, state investment managers, and financial asset managers. Some figures even promote the use of Bitcoin for campaign purposes. “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” Ken said in the video meeting published. Vancouver moves with other cities Besides Vancouver, multiple states and cities have planned or even implemented the Bitcoin or Bitcoin ETF plan. In the United States, institutional investors were acquiring $13 billion in Bitcoin ETFs. The State of Wisconsin Investment Board is one of the earlier institutions that included Bitcoin in their portfolio, specifically iShares Bitcoin Trust ETF (IBIT), which was a Bitcoin spot ETF released by BlackRock. Earlier this year, the Government Pension Investment Fund (GPIF) of Japan expressed an interest in including Bitcoin in their portfolio. Known as the largest pension fund in the world, GPIF manages a number of assets up to 224 trillion Yen or equal to $1.4 trillion, which indicates a positive sentiment in the future. Source: https://crypto.news/vancouver-mayor-plans-to-make-city-bitcoin-friendly/

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Filed under: News - @ November 28, 2024 1:20 am