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Canadian Prime Minister Justin Trudeau's resignation has positioned Pierre Poilievre, leader of the Conservative Party, as the front-runner for the upcoming federal election. Poilievre has garnered significant support from the cryptocurrency community, including endorsements from Elon Musk and Coinbase CEO Brian Armstrong, for his advocacy of Bitcoin and opposition to central bank digital currencies. Meanwhile, Vancouver City Council is exploring the possibility of holding Bitcoin in reserve and accepting cryptocurrency for municipal services.
Canadian Prime Minister Justin Trudeau announced his resignation, paving the way for Conservative leader Pierre Poilievre, who is gaining significant support from the cryptocurrency community. Poilievre advocates for Bitcoin adoption and has been endorsed by figures like Elon Musk and Coinbase CEO Brian Armstrong. Vancouver's city council is also exploring holding Bitcoin in reserve and accepting cryptocurrency for municipal services, reflecting a growing trend towards digital currency in Canada.
Coinbase faces a $1 billion lawsuit from BiT Global Digital, accusing it of market manipulation by delisting Wrapped Bitcoin to favor its own product, Coinbase Wrapped Bitcoin. Meanwhile, Kraken Australia has been fined $5.1 million for regulatory breaches, including operating without a license. In Vancouver, the city council has approved a motion to explore Bitcoin integration into its financial operations, aiming to become a "Bitcoin-friendly city."
Vancouver is positioning itself as a Bitcoin-friendly city, with Mayor Ken Sim advocating for the city to hold Bitcoin as a reserve asset and accept it for payments. Meanwhile, Ethereum is experiencing significant demand, nearing $4K, despite a rising total supply. Additionally, Rollblock ($RBLK) is gaining traction in the GameFi sector, with a unique deflationary model and predictions of a 50x price increase as it approaches the end of its presale phase.
Vancouver City Council has approved a motion to explore the integration of Bitcoin into its financial operations, aiming to assess its potential as a hedge against inflation and currency debasement. Mayor Ken Sim emphasized the initiative's exploratory nature, highlighting Bitcoin's decentralized attributes and historical performance. The motion directs staff to investigate accepting BTC for city taxes and fees, and the feasibility of incorporating it into the city’s financial reserves, with a report due by the end of Q1 2025.
Vancouver's city council has voted to explore the integration of Bitcoin into municipal finances, aiming to address inflation and currency devaluation. Mayor Ken Sim, an investor in cryptocurrency, believes Bitcoin could stabilize the city's finances amid a housing market that has surged 381% since 1995. However, legal restrictions currently prevent municipalities from holding cryptocurrencies or using them for transactions, posing significant challenges ahead.
Vancouver's city council has approved a proposal to explore making the city Bitcoin-friendly, including converting part of its financial reserves into Bitcoin and accepting it as payment. In contrast, Microsoft shareholders recently rejected a similar proposal to invest in Bitcoin, despite advocacy from Microstrategy's Michael Saylor. This divergence highlights the growing interest in Bitcoin among governments and corporations, as many consider it a hedge against inflation and a strategic asset.
Bitcoin's current cycle is far from its peak, according to analyst Lark Davis, who highlights indicators like RSI, NUPL, and MVRV-Z to support this view. With the RSI at 76 and in the "Believe-Denial" phase, there is significant room for growth, potentially reaching between $200,000 and $250,000. As of now, Bitcoin is trading at approximately $100,485.71, reflecting a 2.08% increase in the last 24 hours, indicating rising investor confidence.
Vancouver City Council has approved Mayor Ken Sim's motion to explore Bitcoin integration in the city's financial operations, including a potential Bitcoin strategic reserve. While six councilors supported the motion, concerns were raised about environmental impacts and the risk of money laundering. Sim emphasized Bitcoin's potential as an inflation hedge, promising a $10,000 donation in Bitcoin to the city.
Vancouver City Council has approved a motion to explore becoming a "Bitcoin-friendly city," aiming to integrate Bitcoin into its financial operations, including a potential reserve and payment options. Mayor Ken Sim highlighted the need to address inflation and affordability challenges, while some councilors raised concerns about illicit activities and the environmental impact of Bitcoin mining. A report on the feasibility and risks of this strategy is expected by the end of Q1 2025.
Ken Sim
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