Vancouver Embraces Bitcoin in Public Finance Strategy
Vancouver, Canada, has officially embarked on a journey to become a “Bitcoin-friendly city,” taking a progressive step toward cryptocurrency integration in public finance.
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Vancouver, Canada, has officially embarked on a journey to become a “Bitcoin-friendly city,” taking a progressive step toward cryptocurrency integration in public finance.
The Mayor’s Perspective
Vancouver’s Bitcoin-friendly decision came down to timing, said Mayor Ken Sim, a prominent supporter of the cryptocurrency.
I wanted to do it for a while. I didn’t think the public was ready to have the conversation
Sim shared in a pre-vote phone interview.
Mayor Ken Sim Source: vanmag.com
According to Sim, the rising interest in Bitcoin among global governments played a pivotal role in the timing.
All of a sudden, with what happened in the States, you have a bunch of other nation-states and provinces and states all showing an indication that they’re going to do this as well. And we want to get ahead of it
he emphasized.
A Glimpse Into the Future
Ahead of the city council’s decision on the Bitcoin proposal, Mayor Sim has made strong statements about its revolutionary potential.
Referring to Bitcoin as “the greatest invention ever in human history,” Sim warned of fiat currency’s eventual collapse, predicting it “going to zero.” While noting he isn’t a certified financial advisor, the mayor confidently argued that Bitcoin is vastly undervalued at its current price.
Related: Wayve Ventures into Canada
Leading the Way: Vancouver’s Crypto Ambitions
Vancouver’s decision to pursue a “Bitcoin initiative” aligns the city with other governments investigating cryptocurrency in public finance. This progressive approach reflects its intent to harness Bitcoin’s potential as a tool for economic modernization.
As a pioneer in the crypto space, Vancouver launched the first Bitcoin ATM in 2013 and is home to companies like Dapper Labs and HIVE Blockchain.
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