Vancouver mayor plans to make the city friendly for Bitcoin

Mass adoption of Bitcoin has spread and even the mayor is now aiming to create a Bitcoin-friendly city in the country.

Vancouver Mayor Ken Sim plans to make the major city in Western Canada a Bitcoin-friendly city at his city council meeting on November 26.

Through this plan, Ken may not have created a Bitcoin reserve like the US did, but he wanted to make Bitcoin a diversified asset for the city of Vancouver. Simply put, it means adding Bitcoin to your investment portfolio and being affected by price movements in the cryptocurrency market.

A number of companies have already taken action, including pension funds, government investment managers and financial asset managers. Some figures even encourage the use of Bitcoin for campaign purposes.

“Protecting the city’s purchasing power by diversifying financial resources: Being a Bitcoin-friendly city,” Ken said in the video meeting.

Vancouver and others switch to Bitcoin

Besides Vancouver, many provinces and cities have planned and even implemented the Bitcoin or Bitcoin ETF scheme. In the United States, institutional investors were buying $13 billion in Bitcoin ETFs.

The Wisconsin State Board of Investments was one of the first institutions to include Bitcoin in its portfolio, specifically the iShares Bitcoin Trust ETF (IBIT), a Bitcoin spot ETF launched by BlackRock.

Earlier this year, Japan’s Government Pension Investment Fund (GPIF) expressed interest in including Bitcoin in its portfolio. Known as the world’s largest pension fund, GPIF manages assets equal to ¥224 trillion, or $1.4 trillion, indicating a positive tone ahead.

Goldman Sachs, one of the world’s largest asset managers, also includes IBIT and Grayscale Bitcoin Trust ETF (GBTC) with $461 million and $71 million, respectively.