Vancouver Mayor Unveils Plans to Promote Bitcoin Adoption in the City

The widespread adoption of Bitcoin continues to grow, with the city mayor now aiming to establish a Bitcoin-friendly environment in the region.

Vancouver City Mayor Ken Sim, during a city council meeting on Nov. 26, outlined his vision to transform the prominent Western Canadian city into a hub for Bitcoin.

While Ken may not have established a Bitcoin reserve akin to that of the U.S., his intention is to integrate Bitcoin as a diversified asset within Vancouver’s financial strategy. In essence, this involves incorporating Bitcoin into their investment portfolio to benefit from the fluctuations in the cryptocurrency market.

A variety of organizations, including pension funds, state investment managers, and financial asset managers, have already taken steps in this direction. Some advocates even endorse Bitcoin for campaign financing.

“To preserve the city’s purchasing power by diversifying financial resources: Transitioning to a Bitcoin-friendly city,” Ken stated in the video meeting shared.

Vancouver and others embrace Bitcoin

In addition to Vancouver, numerous states and cities are contemplating or have already set in motion plans related to Bitcoin or Bitcoin ETFs. In the United States, institutional investors have been investing a staggering $13 billion in Bitcoin ETFs.

The State of Wisconsin Investment Board is among the early adopters of Bitcoin in their investment strategy, notably incorporating the iShares Bitcoin Trust ETF (IBIT), a Bitcoin spot ETF launched by BlackRock.

Earlier this year, Japan’s Government Pension Investment Fund (GPIF) showed interest in adding Bitcoin to its portfolio. Recognized as the world’s largest pension fund, GPIF manages assets valued at approximately 224 trillion yen, equivalent to $1.4 trillion, which signals a favorable outlook for the future.

Goldman Sachs, one of the largest asset management firms globally, has also included IBIT and Grayscale Bitcoin Trust ETF (GBTC) in its portfolio, holding $461 million and $71 million, respectively.

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