- Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to guard buying energy.
- Jeff Sales space helps Ken Sim's proposal and acknowledges the potential of Bitcoin as a strategic asset.
- Former US CFTC Chairman Giancarlo defends Bitcoin reserves, evaluating them to gold.
Vancouver Mayor Ken Sim has unveiled a daring proposal to discover bitcoin as a reserve asset for town to diversify its monetary sources and defend its buying energy.
The proposal, titled “Preserving the Metropolis's Buying Energy by Diversification of Monetary Sources: Changing into a Bitcoin-Pleasant Metropolis,” is scheduled to be formally introduced to the Vancouver Metropolis Council on December 11, 2024. The proposal represents a big transfer towards cryptocurrency adoption. by the capital metropolis authorities.
Defending Vancouver from financial shocks with Bitcoin
In his proposal, Mayor Sim seeks to discover how bitcoin might assist defend Vancouver from financial volatility and inflation by including to town's reserves.
It comes amid rising curiosity in bitcoin as a reserve asset on the authorities degree, notably in the US. A number of US lawmakers not too long ago proposed holding bitcoins in public monetary reserves, underscoring the cryptocurrency's rising consideration in nationwide financial methods.
Though the total textual content of the proposal has not but been made out there, Bitcoin advocate Jeff Sales space expressed assist for Mayor Sim's plan throughout a dialogue at X Areas on November 26, 2024. Sales space described the proposal as an vital step towards recognizing Bitcoin's potential as a strategic monetary asset for town.
Former CFTC Chairman Backs US Bitcoin Reserve
In the meantime, Christopher Giancarlo, former chairman of the US Commodity Futures Buying and selling Fee (CFTC), has been vocal about Bitcoin's potential as a strategic reserve asset for the US.
In a latest interview, Giancarlo referred to Bitcoin as “the world's first digital commodity,” noting its similarities to conventional commodities like gold, oil, and copper that nations have traditionally hoarded. He praised the thought of a nationwide bitcoin reserve, highlighting its potential to offer long-term monetary stability in an more and more digital economic system.
Giancarlo additionally acknowledged considerations in regards to the speculative nature of bitcoin, however discovered parallels with the dot-com bubble, the place early-stage hypothesis gave solution to technological breakthroughs that revolutionized industries. He believes the identical evolution might occur with blockchain and bitcoin expertise, making it a step ahead for governments and monetary establishments.
