Public funds should be used for the welfare of other people who are in trouble (homeless, beggars, widows, parents, education, health, and infrastructure improvements).
ultimately, they will be.
governments like municipalities are also
institutional investors. the question is whether to keep a portion of their
reserves in cash (where the value will depreciate), more conservative investments like bonds (where the gains are small), or......bitcoin.
it is very true that government is an institutional investor, but if investing in Bitcoin means that the mayor considers the money to be a non-risky thing (even though it's public money). There are still many other companies that can provide dividends to their investors so that the dividend money can be used to advance the city. Bitcoin price will definitely not fall far from its current price but hopefully, he can convince his citizens and wish him good luck..