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Bitcoin Boom Towns: Vancouver Eyes BTC Investment, Bern Backs Mining Move
- Switzerland’s Bern advances a proposal to use excess energy for Bitcoin mining, aiming to boost crypto innovation.
- The feasibility study in Bern will assess environmental, energy and regulatory impacts of Bitcoin mining.
- Meanwhile, Vancouver proposes adding Bitcoin to its investment portfolio, targeting financial diversification and stability.
Donald Trump’s proposed Bitcoin reserve is still a possibility and indeed Senator Cynthia Lummis confirmed the plans post-election. The thought of the United States pouring millions and billions of dollars into a strategic Bitcoin reserve is enough to make any HODLer lose sleep, but there’s more.
Brazilian lawmakers recently introduced a bill that would establish a so-called Sovereign Strategic Bitcoin Reserve (RESBit). Brazil, with 216 million people, is an important crypto player, with Bitcoin and friends enjoying great popularity in the country.
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With US$90.3 billion (AU$138.7 billion) in value received, Brazil ranks second in the Latin America region in terms of crypto usage, just behind Argentina with US$91.1 billion (AU$140 billion), according to a Chainalysis report.
Other jurisdictions are also stepping up their game. Switzerland’s Bern has just approved a proposal to explore the feasibility of the Canton using excess energy for Bitcoin mining.
Bitcoin Narrative is Changing, Says Swiss Parliamentarian
Switzerland is of course no stranger to crypto, with several blockchain related foundations and businesses in the country. Additionally, Lugano is well-known for its pro-crypto stance and annual Plan B conference as well as a recently unveiled statue of Satoshi Nakamoto.
Despite initial opposition from the Cantonal Government and concerns about energy consumption, power grid stability and environmental impact, Bern’s Grand Council approved a proposal that positions the region as a leader in crypto innovation.
The proposal, now moving forward, mandates a feasibility study to explore the potential of Bitcoin mining in Bern, focusing on energy, environmental and regulatory factors.
Samuel Kullmann, a Canton member of parliament, said on Crypto Twitter that it’s clear that the “narrative on Bitcoin is changing”.
[The] Canton Bern demands a report on the potential of Bitcoin mining to stabilize our energy grid and the use of otherwise wasted energy.
Samuel Kullmann, Bern Canton member of parliament Vancouver Wants to Become ‘Bitcoin-friendly City’
8,299 km to the west, the Canadian city of Vancouver is making waves with a proposal to add Bitcoin to its investment portfolio. Mayor Ken Sim, in a Vancouver city council meeting on 26 November, submitted a notice of motion that he intends to introduce a proposal to adopt BTC as a reserve asset.
The motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city”, will be discussed by the city council on 11 December.
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By adding Bitcoin to the city coffers it could diversify its portfolio and hedge against monetary uncertainty. Sim, whose party accepted crypto donations during its campaign, commented on the significant role Bitcoin could play:
Bitcoin offers a unique opportunity to protect against the erosion of value.
Ken Sim, Mayor of Vancouver 
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
