Vancouver City has become the latest metropolis to adopt Bitcoin as a means of conserving reserve value after a bill supporting this stance passed council voting.
Canada’s Vancouver City has passed a motion allowing a friendly stance towards Bitcoin. In a December 11 council meeting, the house unanimously voted that Vancouver adopt the premier asset.
Mayor Ken Sim discussed the motion at yesterday’s council meeting, updating the council on the pros of preserving the city’s wealth using Bitcoin. Notably, he had presented the motion in November, with yesterday’s meeting slated for a ruling on the bill.
Vancouver Adopts Bitcoin
A council meeting video shows that most voted in favor of the bill. Six of the eight present council members voted for the motion, while 2 opposed it. With the majority voting for Bitcoin adoption, Councilor Zhao declared that the bill has passed.
Meanwhile, Major Sim presented his case on the motion before the voting. A recording shows he described Bitcoin as a financial tool that could preserve Vancouver’s financial future for the next 100 years.
The mayor insisted that fiat loses value due to inflation and debasement. However, investing in Bitcoin’s finite and decentralized quality would preserve Vancouver’s economic worth in the future.
Notably, the crypto-friendly motion will allow Vancouver to accept tax and fee payments in Bitcoin or adopt the asset as a strategic reserve asset. Meanwhile, the city staff have until Q1 2025 to contemplate the motion’s feasibility and report back to the council.
Governments Adopting Bitcoin
Meanwhile, Vancouver is one of multiple government entities looking Bitcoin’s way. The asset’s popularity has grown substantially recently after US President-elect Donald Trump adopted it.
Other countries, such as Russia and Brazil, are also considering adopting Bitcoin as a reserve asset, and Poland is also teasing the idea. This disposition mirrors a similar scenario in the United States, with Senator Cynthia Lummis fronting the bill.
Notably, asset manager Bitwise predicted that the number of countries holding Bitcoin will double before the end of next year. Its report asserted that at least 18 countries will keep a Bitcoin stash in 2025 amidst growing interest in the asset.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
