My home city of Vancouver BC Canada just announced a plan, backed by the mayor and business groups, to begin accepting Bitcoin, to hold a reserve of the currency, and make Vancouver a hub for cryptocurrency users and investors.
Here's an article from Canada's state media: https://www.cbc.ca/news/canada/british-columbia/vancouver-mayor-ken-sim-bitcoin-reserve-1.7408208
Some highlights:
- "Vancouver councillors passed a motion from Mayor Ken Sim on Wednesday that seeks to make the city bitcoin-friendly, giving staff the thumbs up to explore holding cryptocurrency in reserve and accepting payments in the virtual currency."
- concerns about BTC being used by criminals, the power consumed in Bitcoin mining, and regulator hurdles were raised
- support from city council and business groups is strong
- the mayor is donating $10,000 in BTC to the City to get things started
I was surprised to hear this news, as I hadn't heard any rumours about it, and assumed Vancouver's latest mayor would be pro-banks and pro-status-quo. I'm not sure why he is being allowed to start this pro-Bitcoin movement here in Canada. But I've noticed that other parts of the world are becoming more crypto-friendly lately, so perhaps now is the time for it. Maybe the deep state has shifted from trying to stop Bitcoin, to regulating and taxing it (similar to the "legalization" of cannabis in recent years).
Can't beat 'em? Regulate 'em!
I'm quite curious to see how this goes. With so many governments (now even cities!) starting to talk about holding a Bitcoin reserve, not to mention huge hedge funds and investment groups buying massive amounts, it seems there won't be many of the 21 million left for everyday users like you and I! In other words, the price of Satoshis is going higher. Probably a lot higher.
Current price: $100,500 USD ($142,000 CAD)
Bitcoin is a good currency. It's not perfect, it's has pros and cons, but that doesn't mean it can't be used appropriately. I think Vancouver is right to look further into using Bitcoin within the City's finances. This appears to be the future; for better or for worse, here it comes.
DRutter
That's a great idea on Vancouver's part. It will bring new tourists who like to travel via crypto. Good for them.
I'm sure it will have pros and cons... certainly interesting!
Interesting strategy to use Bitcoin to pay off all US debt outlined below...🖖
Bitcoin and the Future of Financial Freedom
Greg Reese
Dec 12, 2024
After Trump was elected, Bitcoin surged past 100,000 for the first time. Trump has said that he will somehow maintain USD dominance against the BRICS nations. And Michael Saylor has suggested a radical way to do this.
So the very simple idea is buy 20 or 25% of the Bitcoin network on behalf of the US government. catalyze the development of that world reserve capital network and then let all the Chinese and the Russians and the foreigners sell all their other assets and buy Bitcoin and then the money flows into the United States.
If you want to put a great twist on it, dump your gold, sell all the U.S. gold, buy Bitcoin, then the trade is free because you could buy five million Bitcoin for the cost of the gold. you will demonetize the entire gold asset class, and our enemies hold gold in their banks, so their assets would go to zero, our assets would go to $100 trillion, and we would control the world's reserve capital network as well as the world's reserve currency network.
This scheme could magically wipe away the current deficit, which Trump alluded to in the recent past. Who knows, maybe we'll pay off our $35 trillion, hand him a little crypto check, right? We'll hand him a little Bitcoin and wipe out our $35 trillion.
An update on this story, the Vancouver mayor is defending his position in a new interview: https://www.cbc.ca/news/canada/british-columbia/vancouver-mayor-defends-bitcoin-motion-1.7408770