The widespread acceptance of Bitcoin continues to grow, with even the mayor of a major city aiming to transform it into a Bitcoin-friendly hub within the nation.
During a city council meeting on November 26, Vancouver City Mayor Ken Sim revealed his vision to position the city as a welcoming environment for Bitcoin in Western Canada.
While Ken may not be establishing a Bitcoin reserve akin to that of the U.S., he aspires to recognize Bitcoin as a key asset for Vancouver. Essentially, this means incorporating Bitcoin into their investment strategy to benefit from the fluctuations in the cryptocurrency market.
A variety of companies have already taken steps in this direction, including pension funds, state investment managers, and financial asset firms. Some advocates even endorse the use of Bitcoin for campaign financing.
“Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” Ken stated during the video meeting published.
Vancouver and Others Embrace Bitcoin
In addition to Vancouver, numerous states and cities are considering or have already initiated Bitcoin or Bitcoin ETF programs. In the United States, institutional investors are acquiring $13 billion worth of Bitcoin ETFs.
The Wisconsin Investment Board stands out as one of the pioneering institutions to incorporate Bitcoin into its portfolio, particularly the iShares Bitcoin Trust ETF (IBIT), a Bitcoin spot ETF launched by BlackRock.
This year, Japan’s Government Pension Investment Fund (GPIF) showed interest in adding Bitcoin to its portfolio. As the largest pension fund globally, GPIF manages assets totaling approximately 224 trillion Yen, or about $1.4 trillion, signaling optimistic expectations for the future.
Goldman Sachs, one of the world’s leading asset managers, has also included IBIT and the Grayscale Bitcoin Trust ETF (GBTC) in its holdings, with investments of $461 million and $71 million, respectively.
