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With Bitcoin becoming the talk of Wall Street as a hedge against economic uncertainty, its adoption is spreading rapidly. Companies and governments worldwide are embracing it as a strategic reserve asset. Now, Vancouver City is stepping into the spotlight, as Mayor Ken Sim has announced a proposal to add Bitcoin to the city’s balance sheet.
Making Vancouver a Bitcoin-Friendly City
Ken Sim plans to include Bitcoin in the city’s investments. This move aims to diversify the city’s finances and make Vancouver, Canada’s third-largest city, a “Bitcoin-friendly” hub. Meanwhile, in a recent council meeting, Sim introduced a motion titled “Preserving the city’s purchasing power through diversification of financial resources,” which will be discussed on December 11.
Sim hopes this initiative will attract blockchain businesses and showcase Vancouver as a forward-thinking city. Adding Bitcoin to the balance sheet could position the city as a leader in the digital economy.
If approved, Vancouver could join cities like Miami and Rio de Janeiro, which could help Vancouver attract blockchain businesses and position itself as an innovative tech hub, though some critics remain cautious about Bitcoin’s volatility.
Other Countries Admiring Bitcoin Too
Brazil could soon join the growing list of nations embracing Bitcoin as a strategic asset. On Monday, Congressman Eros Biondini introduced a groundbreaking bill proposing the creation of a sovereign federal Bitcoin reserve named RESBit.
The proposed reserve aims to protect Brazil’s finances from currency swings and global uncertainties. It could also act as collateral for the country’s upcoming central bank digital currency, the Real Digital (Drex).
Bitcoin Price Update
Bitcoin is currently trading at about $95,800, showing a 3.5% increase in the last 24 hours. The leading cryptocurrency is showing signs of a short-term rise, aiming to break through a key resistance level between $100,000 and $102,000.
If Bitcoin successfully breaks above these levels, it could soar to around $113,000. However, if the price drops, there’s support at approximately $89,000, which could act as a safety net in case of a pullback.