Vancouver Mayor Ken Sim has proposed Bitcoin as a reserve asset to protect purchasing power. Jeff Booth recognizes Bitcoin's potential as a strategic asset and supports Ken Sim's proposal. Former US CFTC Chairman Giancarlo defends Bitcoin reserves by comparing them to gold.
Vancouver Mayor Ken Sim has introduced a bold proposal to consider Bitcoin as a reserve asset for the city, with the aim of diversifying financial resources and protecting purchasing power.
The motion, titled “Preserving the City's Purchasing Power by Diversifying Resources: Becoming a Bitcoin-Friendly City,” is expected to be formally introduced to Vancouver City Council on December 11, 2024. This proposal marks a major shift towards the adoption of cryptocurrencies. By major city governments.
Using Bitcoin to protect Vancouver from economic shocks
In his motion, Mayor Sim seeks to explore how adding Bitcoin to the city's reserves could help protect Vancouver from economic instability and inflation.
This comes amid growing interest in Bitcoin as a reserve asset at the government level, particularly in the United States. Several US lawmakers have recently proposed holding Bitcoin in public financial reserves, underscoring the increasing consideration of virtual currencies in national economic strategies.
Although the full text of the proposal has not yet been published, Bitcoin supporter Jeff Booth expressed support for Mayor Sim's plan during a discussion on X Space on November 26, 2024. Booth explained that this motion is an important step towards realizing Bitcoin's potential. Strategic financial assets of cities.
Former CFTC Chairman supports US Bitcoin reserves
Meanwhile, Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been vocal about Bitcoin's potential as a strategic reserve asset for the United States.
In a recent interview, Giancarlo called Bitcoin “the world's first digital commodity” and drew similarities to traditional goods such as gold, oil and copper that have historically been hoarded by nations. He praised the idea of ​​a national Bitcoin reserve, highlighting its potential to provide long-term financial stability in an increasingly digital economy.
Giancarlo also acknowledged concerns about Bitcoin's speculative nature, but drew similarities to the dot-com bubble, where early-stage speculation gave way to technological advances that revolutionized the industry. . He believes the same evolution could occur with blockchain and Bitcoin technology, which would be a positive move for governments and financial institutions.
