| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $106518.0100000000 |
| ETH | $2456.4570000000 |
| BNB | $652.8505500000 |
| XRP | $2.2013440000 |
| ADA | $0.5626621000 |
| SOL | $149.0742000000 |
| DOGE | $N/A |
| DOT | $3.3346700000 |
| LTC | $85.6675000000 |
| LINK | $13.1916000000 |
Category: CRYPTO NEWS
The post Vancouver City Council Passes Bitcoin Reserve Asset Motion appeared on BitcoinEthereumNews.com. On December 11, Vancouver councilors voted in favor of Mayor Ken Sim’s motion to make the city “Bitcoin-friendly” and authorize staff to look into holding cryptocurrency in reserve. Mayor Ken Sim, who has been serving as mayor of Vancouver since 2022, said to CBC that he thinks investing in Bitcoin (BTC) is financially responsible in an era of inflation and market volatility and even agreed to donate $10,000 worth of BTC to the city from his personal holdings. City officials will now work to see if BTC can be incorporated into the city’s financial strategies and whether it can invest in cryptocurrency by converting a portion of Vancouver’s current financial reserve. The motion stated that the City of Vancouver would be “irresponsible” if it did not evaluate the “merits” of incorporating BTC into its strategic assets in order to preserve the city’s financial stability. Capped at a supply of just 21 million coins, BTC has frequently been described as a digital version of gold, one that may serve as a store of value that shelters from inflationary pressures. Today, Vancouver City Council approved the 2025 budget, delivering a tax increase of just 2.9%, with an additional 1% dedicated to renewing critical infrastructure such as water and sewer lines. We’re investing in a stronger, safer, and more affordable city without cutting… pic.twitter.com/owtQMeSJmC — Mayor Ken Sim (@KenSimCity) December 10, 2024 The mayor says he sought advice from the city’s auditor general before formulating his motion. Leading the way were several speakers, including experts such as Victoria Lemieux, head of the Blockchain research cluster at the University of British Columbia, for whom support for the council’s decision was a no-brainer. However, there have been concerns over the environmental footprint of BTC mining, as well as the volatility of cryptocurrency, making it a questionable…
2024-12-12T04:29:30+00:00
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