I do not care whether the government invest in the cryptocurrency market or not but the import aspect here is they are thinking about tax exemptions to the new market and that is how a government should be rather than some countries ruled by jokers planning to regulate and restrict the market. If we want to see innovation, it should be a free and open market.

There must be a consensus between him and other officials under his city before proceeding on it. Even it's too low for 1%, just like what happened in El Salvador, still, many people will dislike the idea. I'm into it and like the idea but I'm not from that city and for sure there are people that would go against his proposal. If it's his funds then there's no problem with it but if it's the fund of the public, for sure there will be people that would like to disagree and don't like the idea.

This is a bit questionable but a big move nonetheless, pretty sure that a lot of people in Rio have been consulted about this kind of thing because this is city funds that's invested in something that's super volatile and the profitability isn't exact and some people might not see the big picture so hopefully they did these prerequisites before proceeding in doing this.

Whether the mayor is referring to investing particularly in Bitcoin or any other cryptocurrency, the impact here is that this city and the people leading it can be crypto-friendly so they will likely be ready soon to accept crypto-related businesses who got plan to base in Rio de Janeiro and there can tax breaks to entice them to come in and invest in the city. And of course, this can be a big signal for the people to also take a look at cryptocurrency as a possible investment vehicle as they now have a model to follow...their own city. While we should not expect that Brazil can make Bitcoin as a legal tender, just recognizing it as officially an asset just like any other popular foreign money can be a big step forward.

Yes even if they are taking some investment steps with low amount also then it's good on your part because that will yeild high profits in the long run.But i also feel like that 1% of city funds will be huge enough that can accumulate some btc in their reserves and having them will surely boost their investments.

This is smart move as allocating just 1% to btc won't leave a bad image in public minds and meanwhile they will be getting good profits out of it.

then what should be the impact of that Rio's 1% funds? will this even move the market upward ? though what i am looking here is the long term effect as he is obviously shilling for crypto and this is a good sign though.
but talking for the effect now? i dont see anything good coming soon.

He has the power for money in the territory he controls, a brilliant idea if the mayor of brazil wants to invest in bitcoin, meaning: he is not selfish, he thinks how to build a city that he leads can progress and develop, Bitcoin is the best solution, that's good.

There are some leaders in government who invest in Bitcoin but for personal gain, not to build cities, Don't ask which country the leader is in, what's clear is that there is, what the mayor of brazil did is a good decision, if i were in brazil, i would support the mayor's idea.

We are not really sure which cryptocurrency they are investing in, although cointelegraph.com said that it is going to be Bitcoin, but the comment coming from the mayor says that they are planning to create their own cryptocurrency, which will be called crypto Rio, and then they would be investing 1% in cryptocurrency. He didn’t say whether it is going to be a Bitcoin or any other cryptocurrency at all, so it’s best to wait and hear more from him on whether they would be investing it in Bitcoin or any other cryptocurrency, or they are clearly referring to their own cryptocurrency that they plan on releasing?