At the Nov. 26 city council meeting, Vancouver Mayor Ken Sim discussed his aspirations to turn the biggest Western Canadian metropolis into a Bitcoin-friendly jurisdiction.
Due to the widespread adoption of Bitcoin, even the mayor of the city now hopes to create a Bitcoin-friendly city across the country.
Although he may not have established a Bitcoin reserve as the US did, Ken’s strategy aimed to diversify Bitcoin as an asset for the city of Vancouver. In short, it involves incorporating Bitcoin into their investing portfolio and obtaining exposure to fluctuations in the cryptocurrency market’s price.
Pension funds, governmental investment managers, and financial asset managers are among the many businesses that have already acted. Some public people even advocate using Bitcoin for political campaigns.
In the published video meeting, Ken stated, “Becoming a Bitcoin-friendly city: Diversifying financial resources to preserve the city’s purchasing power.”
How Vancouver Mayor and Other Cities Are Shaping the Future of Finance
In addition to Vancouver, the Bitcoin or Bitcoin ETF proposal has been planned or even executed in a number of states and towns. Institutional investors were purchasing $13 billion worth of Bitcoin ETFs in the US.
One of the first organizations to hold Bitcoin in its portfolio was the State of Wisconsin Investment Board. Specifically, it had the iShares Bitcoin Trust ETF (IBIT), a Bitcoin spot ETF issued by BlackRock.
The Japanese Government Pension Investment Fund (GPIF) indicated earlier this year that they would like to add Bitcoin to their holdings.
GPIF, which is regarded as the biggest pension fund globally, oversees assets totalling 224 trillion yen, or $1.4 trillion, which suggests optimism for the future.
With $461 million and $71 million, respectively, Goldman Sachs, one of the biggest asset managers globally, also owns IBIT and the Grayscale Bitcoin Trust ETF (GBTC).
