The Canadian city of Vancouver might be the next to adopt Bitcoin after a mayor announced plans to submit a bill favoring the flagship cryptocurrency.
With Donald Trump’s Bitcoin bet steering global attention, the adoption of the premier asset seems to be going mainstream. Public firms and state funds appear to be tilting toward the asset, teased to hedge against inflation and economic hassles.
Meanwhile, Canada’s Vancouver could become the next city to stack shares of the limitedly-capped cryptocurrency. A report shows that a bill favoring Bitcoin adoption has made its way into the recent city council meeting.
Vancouver to Consider Bitcoin Adoption
Notable Bitcoin advocate and Vancouver’s mayor, Ken Sim, introduced a motion of notice on November 27. The motion, which Sim will present by December 11, contained a bill favoring Bitcoin adoption.
Sim titled the bill “Preservation of the City’s Purchasing Power through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City.” Notably, the mayor stated that the bill aims to allow Vancouver to diversify its abundant resources into innovations like Bitcoin.
if the bill gains council approval, the third-largest Canadian city by population would be able to buy Bitcoin. Meanwhile, it is unclear if May Sim intends to front a Bitcoin strategic reserve with the bill, as seen in other regions.
Bitcoin Nears Mainstream Adoption
Notably, the pioneering cryptocurrency has recently become one of the most sought-after asset classes. For context, state funds, public entities, and even countries are teasing the creation of a Bitcoin reserve, mirroring the trend in the United States.
Besides MicroStrategy’s insatiable piling of Bitcoin through several debt vehicles, YouTube’s competitor, Rumble, became the latest to adopt the asset as a treasury reserve. The video-sharing platform pledged to acquire $20 million worth of Bitcoin as part of its broader plan to hedge its reserve with the crypto firstborn.
States like Florida are also considering aping a portion of their pension funds into the asset, while Pennsylvania has moved to create a strategic Bitcoin reserve. Furthermore, Detroit would become the largest US city to accept Bitcoin as a means of payment by next year.
On the national level, Brazilian lawmakers are considering adopting Bitcoin as a strategic reserve asset after the bill came to light. Although deeply poised to create a CBDC, the South American country is weighing storing Bitcoin as collateral for its pilot program.
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