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
