Vancouver mayor proposes motion to make city ‘Bitcoin friendly’

Vancouver Mayor Ken Sim has revealed his plans to add Bitcoin (BTC) to the city’s investment portfolio, aiming to position the city as a crypto-friendly hub.

This initiative aims to diversify the city’s financial assets by including Bitcoin on its balance sheet.

The Mayor’s Plan

During a Nov. 26 Vancouver city council meeting, Sim presented a notice of motion titled “Preserving the City’s Purchasing Power by Diversifying Financial Resources: Becoming a Bitcoin-Friendly City.”

The motion, which will be formally introduced on December 11, is part of a broader strategy to modernize Vancouver’s financial framework and mitigate economic risks by taking advantage of Bitcoin’s rising value.

With BTC recently hitting an all-time high of more than $98,000, Sim believes that bringing the cryptocurrency into the city’s financial portfolio could provide stability and long-term growth opportunities.

Although the leader has rarely spoken publicly about cryptocurrency adoption since taking office in October 2022, his interest in Bitcoin has been evident. During his mayoral campaign, his political party, A Better City, announced that it would accept crypto donations. Sim then said the initiative was a commitment to promoting technology in governance.

Additionally, a copy of the influential book The Bitcoin Standard by Saifedean Ammous, often cited by crypto advocates, was recently seen in Sim’s office during a Global News interview.

A global change

Vancouver’s latest initiative to incorporate Bitcoin into its financial portfolio reflects a global shift towards the recognition of cryptocurrency as a viable financial hedge.

At the Bitcoin 2024 conference in Nashville, US President-elect Donald Trump proposed the creation of a national Bitcoin reserve. He positioned the cryptocurrency as a strategic asset comparable to gold in the country’s financial system.

Other world leaders have also adopted similar ideas. Venezuelan opposition leader María Corina Machado has defended the adoption of Bitcoin as a national reserve asset. In an earlier interview, he described the asset as a “lifesaver” and an essential tool of resistance against his country’s economic turmoil.

Canada, where BTC is fully legal and widely accepted, has been at the forefront of cryptocurrency adoption. The nation was the first to approve Bitcoin exchange-traded funds (ETFs), giving citizens easy access to cryptocurrency investments.

The fate of Mayor Ken Sim’s motion remains uncertain as it awaits council consideration. If approved, Vancouver would join a growing list of cities and nations using Bitcoin’s potential to improve financial resilience and drive economic growth.

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