The Canadian city of Vancouver plans to adopt Bitcoin as the Mayor confirmed the crypto-friendly bill.
The re-election of Donald Trump amid bold pro-crypto stance during the campaign trail elicited global attention. As such, the premier asset adoption seems destined for the mainstream as more state funds and public firms tilt toward the asset.
As the Trump-led administration eyes the National Bitcoin Reserve, more participants consider it a hedge against inflation and economic hassles. Canada’s Vancouver seeks to become the next to stack shares of the finite-capped crypto. A recent report reveals a bill that favors Bitcoin adoption was featured in the council meeting.
Vancouver Considering Bitcoin Adoption
Vancouver’s Mayor Ken Sim has emerged as a Bitcoin advocate, with recent action being the motion of notice tabled on November 27. The motion is scheduled for presentation by December 11, featuring the bill favoring BTC adoption.
Sim profiles the bill to preserve Vancouver’s purchasing power via diversifying financial resources. It would allow the city to diversify resources into innovative products like Bitcoin.
The council approval of the bill will yield the capability of Canada’s third most populous city to buy BTC. It is uncertain if the Mayor intends to create a Bitcoin strategic reserve as witnessed in other regions.
Bitcoin Secures Mainstream Adoption
The world’s largest crypto by market value has emerged among the most desired asset classes. For context, public entities, countries, and state funds continually tease to establish Bitcoin reserves, mirroring the US plans.
Following Michael Saylor’s project at MicroStrategy to pile Bitcoin via debt vehicles, Rumble is the recent entrant to establish the treasury reserve. YouTube’s competitor in video-sharing revealed plans to acquire Bitcoin worth $20M to hedge its reserve.
Vancouver replicates the initiative by Detroit that eyes acceptance of Bitcoin to settle payments in 2025. Also roped into similar plans is Pennsylvania’s creation of a strategic Bitcoin reserve. Elsewhere, Florida state desires to have a portion of the pension funds maintain exposure to the asset.
Like the US, the Brazilian lawmakers mull adopting BTC as a strategic reserve asset in a recent bill. While the country is deeply involved in the central bank’s digital currency (CBDC), South America is evaluating Bitcoin storage as collateral for the pilot program.
Did Gary Gensler Erode 20 Years of the American Dream?
Congressman Michael Flood faults the outgoing Securities and Exchange Commission chair, Gary Gensler, alleging poor handling of crypto assets. The legislator hails the move by the incumbent SEC chair to exit on January 20 next year. The development emerges as Trump will start implementing his crypto agenda to establish the Bitcoin national reserve.
With the inauguration date edging closer, Nebraska’s Rep. Michael Flood considers the Gensler’s adversely impacted the American dream. He reiterated that the SEC chair eroded the US for two decades.
Flood Laments Gensler’s Crypto Tyranny
Appearing on the Maria Show on Fox Business, Flood bemoaned the Joe Biden-led administration for setting the US backward. The legislature considers the regime derailed the stakes in the digital asset economy.
The criticism of the regulation-by-enforcement approach emerges when Bitcoin is destined for mainstream adoption. Flood believes the Trump administration will help undo Gensler’s wrong, which has seen the US cede crypto innovation to developed peers.
Flood considers that the absence of set laws to govern digital assets saw the SEC impose sanctions that potentially threatened to shut down the markets. Fortunately, Trump’s win delivers the much-needed change to accelerate the US forward on the digital asset front.
Flood is optimistic that the pro-Bitcoin president is ushering in an uncharted era for crypto and fintech across the US. While the 47th US President teases a friendlier environment for the digital asset sector, Flood anticipates a similar push across states and cities.
Flood cites Trump as likely to deliver his promise to the sector, as illustrated in his choices in his Cabinet. In particular, Elon Musk, Howard Lutinick, and Robert Kennedy are pro-crypto advocates who are set to play critical roles in delivering the digital assets agenda to the administration.
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