The widespread acceptance of Bitcoin has grown significantly, with the city’s mayor now aiming to transform it into a Bitcoin-friendly metropolis.

Vancouver City Mayor Ken Sim, during a council meeting on Nov. 26, announced his intention to establish this major Western Canadian city as a welcoming place for Bitcoin.

Through this initiative, while Ken may not have established a Bitcoin reserve like that of the U.S., he aims to position Bitcoin as a diversified asset for the city of Vancouver. In essence, this means incorporating Bitcoin into their investment strategy to capitalize on the fluctuations in the cryptocurrency market.

Several organizations have already taken steps in this direction, including pension funds, state investment managers, and financial asset management firms. Some individuals even advocate for leveraging Bitcoin for campaign financing.

“Maintaining the city’s purchasing power through diversification of financial resources: Transitioning to a Bitcoin-friendly city,” Ken remarked in the video meeting shared.

Vancouver and Others Embrace Bitcoin

In addition to Vancouver, numerous states and cities have either proposed or implemented their own Bitcoin or Bitcoin ETF initiatives. In the United States, institutional investors have been investing $13 billion in Bitcoin ETFs.

The State of Wisconsin Investment Board is among the first institutions to integrate Bitcoin into their investments, specifically through the iShares Bitcoin Trust ETF (IBIT) launched by BlackRock.

Earlier this year, Japan’s Government Pension Investment Fund (GPIF) showed interest in adding Bitcoin to its portfolio. As the largest pension fund worldwide, GPIF manages assets totaling approximately 224 trillion Yen, equivalent to about $1.4 trillion, signaling optimistic future trends.

Goldman Sachs, a leading global asset management firm, also includes IBIT and Grayscale Bitcoin Trust ETF (GBTC) in its investments, with allocations of $461 million and $71 million, respectively.