Yevhen

@applestar

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⚪ A New Chapter for Bitcoin in Vancouver ➖ Vancouver’s embrace of Bitcoin marks a dramatic shift in its approach to cryptocurrency. From banning Bitcoin ATMs to considering BTC as part of its financial strategy, the city is evolving alongside the digital finance revolution. ➖ As one social media user commented: “Excited to see what comes from the discovery phase.” So are we. Buckle up, Vancouver, it looks like the future of municipal finance just got a lot more interesting. 🧵 6/6

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⚪ Vancouver Joins the Ranks of Progressive Cities ➖ If implemented, Vancouver would join a growing list of cities experimenting with cryptocurrency in public finance. This could position Vancouver as a trailblazer, setting an example for other municipalities to follow. ➖ However, much hinges on the feasibility study. While some hail the move as a visionary step, others are eager to see how Vancouver navigates potential risks and challenges. 🧵 5/6

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⚪ The Discovery Phase: What’s Next? ➖ Before rolling out Bitcoin payments or a reserve, the city council has directed staff to conduct a feasibility study. Expected by Q1 2025, this report will assess: ➖ Risks associated with Bitcoin adoption. ➖ Implementation challenges. ➖ Long-term benefits for the city and taxpayers. ➖ The study’s findings will determine whether Vancouver’s bold crypto experiment becomes a reality. ➖ Mayor Sim: A Bitcoin Believer Mayor Sim’s enthusiasm for Bitcoin has been clear. Calling it “the greatest invention in human history,” he’s keen to modernize Vancouver’s financial strategy. ➖ His push for Bitcoin adoption aligns with a growing global trend toward cryptocurrency acceptance, particularly as the reelection of pro-crypto U.S. President Donald Trump signals a shift toward regulatory clarity. 🧵 4/6

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⚪ Diversification for Stability ➖ The motion highlights Bitcoin’s potential to act as a hedge against inflation and fiat currency devaluation. Mayor Sim’s reasoning? “It would be irresponsible not to consider Bitcoin as part of the city’s strategic assets.” ➖ A city clerk’s tweet summed it up perfectly: “Vancouver city council approves motion 3. Preserving the City’s Purchasing Power through Diversification of Financial Reserves, Becoming a Bitcoin-Friendly City.” ➖ In other words, the city isn’t just jumping on the crypto bandwagon, it’s steering it. 🧵 3/6

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⚪ From Bitcoin ATMs to Bitcoin-Friendly Policies ➖ Vancouver has come a long way from its past policies on Bitcoin. In 2019, former Mayor Kennedy Stewart tried to ban Bitcoin ATMs, even though Vancouver hosted the world’s first Bitcoin ATM. Fast forward to 2024, and the city is now embracing the potential of cryptocurrency. The council’s new motion proposes two major steps: ➖ Creating a Bitcoin Reserve: Establishing BTC as part of the city’s financial reserves. ➖ Accepting BTC for Payments: Enabling Bitcoin as a payment option for taxes and city fees. ➖ Mayor Sim called the initiative a “no-brainer,” emphasizing the importance of future-proofing the city’s finances. 🧵 2/6

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⚪ Vancouver Embraces Bitcoin: A Bold Step Toward Crypto Integration ➖ In a move that could shake up municipal finance, Vancouver’s city council has greenlit a motion to explore the integration of Bitcoin (BTC) into its financial strategy. ➖ This initiative, led by Mayor Ken Sim, aims to diversify the city’s financial reserves and combat inflation while positioning Vancouver as a crypto-friendly hub. 🧵 1/6

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⚪ Final Thoughts ➖ While traditional markets brace for a week of pivotal U.S. economic data, the crypto market is positioned to potentially benefit from the fallout ➖ Whether it’s a weaker dollar, softer labor market, or signals of further rate cuts, these economic indicators could drive investors to look for alternatives, and crypto might be the big winner ➖ Buckle up, crypto enthusiasts; this week’s data could set the stage for the next big market move 🧵 8/8

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⚪ Why Crypto Could Shine This Week ➖ The economic uncertainty reflected in this week’s data, ranging from manufacturing weakness to labor market shifts, highlights the need for assets that can act as hedges ➖ With Bitcoin already solidifying its reputation as “digital gold,” these events could push more investors toward crypto as a safeguard against market volatility ➖ Moreover, if the Federal Reserve signals further rate cuts in response to the data, it could ignite a bullish run for the crypto market. Lower rates often lead to weaker fiat currencies, increased liquidity, and a renewed appetite for riskier assets like Bitcoin, Ethereum, and even altcoins 🧵 7/8

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⚪ U.S. Employment Report: The Grand Finale ➖ The November employment report, due Friday, December 6, will wrap up the week’s economic data ➖ Economists are expecting payrolls to rise by more than 250,000, driven in part by Boeing workers returning to their jobs post-strike ➖ If the report confirms a slowing labor market but shows resilience in certain sectors, it could further bolster the Fed’s case for extending its rate-cutting cycle ➖ And when interest rates drop, Bitcoin historically tends to climb, as lower rates make alternative assets like crypto more appealing 🧵 6/8

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⚪ Jobless Claims: What’s Happening in the Labor Market? ➖ On Thursday, December 5, we’ll get a fresh look at weekly jobless claims. The last report showed 213,000 claims, with this week’s forecast slightly higher at 215,000 ➖ While initial claims have been falling, continuing claims are on the rise, suggesting people who lose their jobs are having a tougher time finding new ones ➖ A cooling labor market could increase the allure of crypto as investors seek alternatives to traditional markets weighed down by economic uncertainty 🧵 5/8

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⚪ Nonfarm Payrolls: Eyes on Private Sector Hiring ➖ Wednesday, December 4, brings the ADP National Employment Report, offering a preview of November’s private-sector hiring numbers ➖ October’s shockingly low 12,000 job additions rattled markets, signaling the economy might be slowing faster than expected ➖ If hiring remains weak, it could pave the way for the Federal Reserve to cut interest rates sooner rather than later ➖ Lower rates often boost risk-on assets like Bitcoin and Ethereum, making this data point a critical one for crypto traders 🧵 4/8

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⚪ JOLTS Job Openings: Insight into the Labor Market ➖ On Tuesday, December 3, the Bureau of Labor Statistics (BLS) will release the Job Openings and Labor Turnover Survey (JOLTS) for October. This data offers a glimpse into job openings, layoffs, and overall labor market health ➖ The labor market has been cooling off, with job openings declining steadily since early 2022. However, after a surprise uptick in August, economists now forecast a slight rebound to 7.49 million openings in October. A tighter labor market could hint at inflationary pressures, possibly pushing more investors toward crypto as a hedge against traditional economic turbulence 🧵 3/8

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⚪ ISM Manufacturing Index: Will the U.S. Economy Follow Europe? ➖ Kicking off the week on Monday, December 2, the Institute of Supply Management (ISM) will release its November manufacturing index, providing a snapshot of U.S. economic activity. Recent surveys from the Eurozone and the UK revealed economic contraction, dragging the Euro to a 23-month low ➖ The U.S. index previously came in at 46.5, and if November’s numbers show similar weakness (consensus is 47.5), the dollar could take a hit. That’s where crypto comes in: a weaker dollar often drives investors to Bitcoin as a hedge against economic uncertainty. After all, when fiat falters, Bitcoin stands tall 🧵 2/8

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⚪ 5 U.S. Economic Events to Watch: Could They Push Crypto to New Highs? ➖ This week, crypto enthusiasts and traders are keeping a close eye on key U.S. economic reports that could shake up both traditional and digital markets ➖ As the Federal Reserve closely watches the state of the labor market and overall economy, these events have the potential to spark significant moves in the crypto space ➖ Here’s what you need to know about this week’s biggest economic indicators and how they could be bullish for Bitcoin, Ethereum, and beyond 🧵 1/8

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⚪ A Turning Point for the U.S. Digital Economy ➖ With Bessent at the helm of the Treasury, the U.S. has an opportunity to lead the global crypto revolution. His track record of innovation and his support for digital assets could usher in a new era of economic growth and financial freedom ➖ Scott Bessent isn’t just a win for the Trump administration—it’s a win for anyone who believes in the transformative power of crypto. The future of blockchain in the U.S. just got a lot brighter ➖ Washington, are you ready to keep up? 🧵 7/7

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⚪ Why This Matters for Crypto ➖ Bessent’s appointment is a sign that the incoming administration recognizes the importance of fostering innovation while balancing the need for regulatory clarity ➖ His pro-crypto stance could provide much-needed guidance in Washington, bridging the gap between traditional finance and the rapidly evolving digital economy ➖ As Bessent himself put it, “Crypto is about freedom, and the crypto economy is here to stay.” His nomination signals a potential shift in Washington toward embracing blockchain innovation while creating a fair and secure environment for investors and businesses 🧵 6/7

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⚪ Howard Lutnick Heads to Commerce ➖ While Scott Bessent’s pro-crypto reputation has earned him the Treasury nomination, Cantor Fitzgerald CEO Howard Lutnick, another strong contender, has been appointed Commerce Secretary ➖ Lutnick’s expertise will focus on trade and business policies, leaving Bessent to tackle the financial and crypto landscapes. The crypto industry seems more than pleased with this division of roles, with Bessent leading the charge for digital assets 🧵 5/7

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⚪ Crypto Industry Rejoices ➖ Unsurprisingly, Bessent’s nomination has drawn praise from across the digital asset world. Ripple CEO Brad Garlinghouse called it a “win for innovation,” suggesting that Bessent’s leadership could pave the way for more thoughtful and progressive crypto policies ➖ Kristin Smith, CEO of the Blockchain Association, emphasized the critical issues Bessent will need to address, including establishing a clear regulatory framework, protecting self-custody rights, and ensuring fair tax treatment of digital assets ➖ “We need someone in Washington who can strike the right balance between fostering innovation and ensuring security, and Scott looks like the perfect fit,” she said 🧵 4/7

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⚪ A Pro-Crypto Advocate in Washington ➖ For the crypto community, Bessent is more than just a Wall Street heavyweight, he’s a champion of financial innovation. In past statements, he’s described crypto as a “symbol of financial freedom” and highlighted Bitcoin as a smart alternative for younger investors disillusioned by traditional finance ➖ This perspective stands in stark contrast to the enforcement-heavy tactics of the outgoing administration, which frequently targeted decentralized platforms like Tornado Cash ➖ With Bessent in the Treasury, many hope for a shift toward a more balanced and innovation-friendly approach to crypto regulation 🧵 3/7

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⚪ Who is Scott Bessent? ➖ Bessent, the founder of international macro investment firm Key Square Group and former chief investment officer for George Soros, is no stranger to navigating complex financial landscapes ➖ With decades of Wall Street experience, he’s widely respected for his financial acumen and forward-thinking approach ➖ Trump highlighted these qualities in his announcement, calling Bessent the “ideal pick” to strengthen the U.S. economy and secure the dollar’s dominance as the global reserve currency ➖ “Scott will support my policies to drive U.S. competitiveness, stop unfair trade imbalances, and create an economy focused on growth—especially as we usher in a new era of energy dominance,” Trump said 🧵 2/7

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