Vancouver to Add Bitcoin to City Assets – New Global Trend in the Making?

Bitcoin is rapidly gaining attention as a hedge against economic uncertainty. Companies, governments, and now cities are adopting it as a strategic asset. Vancouver is the latest to jump on board, with Mayor Ken Sim proposing the addition of Bitcoin to the city’s balance sheet.

Read on for details.

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 believes that adding Bitcoin to the city’s finances will help attract blockchain businesses and highlight Vancouver’s forward-thinking approach. It could also set the stage for the city to lead in the digital economy.

If approved, Vancouver would join cities like Miami and Rio de Janeiro in embracing Bitcoin as part of their financial strategy. This could further establish Vancouver as an innovative tech hub. However, some critics remain cautious, citing Bitcoin’s volatility and the potential risks it could pose to the city’s finances.

Brazil Proposes Bitcoin Reserve

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). 

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Bitcoin’s Market Outlook: On Track for $100K?

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 breaks above these levels, it could surge to around $113,000. On the other hand, a pullback would likely find support near $89,000, which could offer a safety net in case of a dip.

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