Vancouver’s mayor, Ken Sim, has come up with a bold plan to make the city more Bitcoin friendly. During a council meeting on November 26, 2024, he pitched an idea called “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin friendly city.” Basically, he wants to add Bitcoin to the city’s investment portfolio to help protect its finances.
The council is set to dive deeper into the proposal on December 11, 2024. This all comes as Bitcoin is breaking records, hitting over $99,000 in November 2024. He is no stranger to the crypto space either, having accepted cryptocurrency donations during his 2022 mayoral campaign.
While the proposal is still waiting for approval, it is already making waves. If it goes through, Vancouver could set an example of how cities can use Bitcoin to boost their finances.
The Vision Behind Ken Sim’s Plan
Ken Sim’s idea to bring Bitcoin into Vancouver’s finances is all about keeping the city’s future secure. He wants to use Bitcoin to help protect the city’s purchasing power and create a safety net against global inflation.
Diversifying the city’s investments is a smart way to stay ahead and Bitcoin, with its limited supply and independence from traditional systems.
This plan is not just about money though, it is about making Vancouver stand out. Sim wants the city to be seen as a leader in innovation, attracting forward thinking businesses and investors who are excited about bold ideas like this.
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Can Bitcoin Transform Vancouver’s Future?
Bitcoin is everywhere these days, and Vancouver wants to join the trend. Mayor Ken Sim believes it could be a game changer for the city’s finances. So what’s the plan, and how could it shape Vancouver’s future? Let’s take a closer look!
- Hedge Against Inflation: Bitcoin’s scarcity makes it a strong option to protect Vancouver’s finances.
- Proven Growth: With Bitcoin reaching $99,000, Sim sees it as an unmissable opportunity.
- Driving Innovation: Adopting Bitcoin positions Vancouver as a leader in innovation.
- Managing Risks: Sim plans a careful approach to balance Bitcoin’s potential and risks.
Ken Sim’s Bitcoin plan is ambitious and full of possibilities. Up next, let’s talk about whether Vancouver could follow in El Salvador’s footsteps and what that might mean for the city.
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Will Vancouver Become the Next El Salvador?
President Nayib Bukele recently shared an exciting update about El Salvador’s Bitcoin portfolio through his Instagram Story. The portfolio has reached an impressive value of over $573 million, with profits surpassing $305 million, reflecting a 108.85 percent increase.
According to the latest data, El Salvador currently holds 6,170 BTC bought for a total investment of $139 million. The average purchase price is $44,572 per BTC, which is significantly lower than the current market price of $96,333. By using a Dollar Cost Averaging strategy, the country managed to navigate price swings and achieved a portfolio value of $547 million with a total profit of 116.02 percent.
El Salvador’s Bitcoin purchases began on September 6, 2021, with initial transactions at prices ranging between $47,249 and $52,677 per BTC. These consistent purchases, even during market dips, have resulted in substantial long-term gains. This success highlights El Salvador’s role as a global pioneer in Bitcoin adoption.
You can also read this Bitcoin Drops to $90K, Is the Bull Run Over?
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
