Emily Walker
Vancouver has recently entered discussions regarding the inclusion of Bitcoin in the city’s financial reserves. During a city council meeting on November 26th, Mayor Ken Sim proposed a motion to introduce a Bitcoin initiative on December 11th.
The initiative is named “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” It focuses on incorporating Bitcoin into the city’s finances, positioning Vancouver as a “Bitcoin-friendly city.” The goal is to use Bitcoin as a safeguard against inflation and to stimulate economic growth.
Vancouver’s Steps Toward Bitcoin Integration
Mayor Ken Sim is actively preparing Vancouver for a future with blockchain technology. A known Bitcoin advocate, Sim is advocating for its adoption to counter inflation and enhance the economy. In a November 27th meeting, he submitted a motion outlining his plan to present this Bitcoin proposal on December 11th.
VANCOUVER, CANADA, MAYOR PUSHES FOR BITCOIN AS CITY RESERVE ASSET
Vancouver Mayor Ken Sim announced plans to make the city “Bitcoin-friendly,” proposing Bitcoin as part of its financial diversification strategy.
A formal motion, set for December, could see the city adopt… pic.twitter.com/TI2rlSgYpX
— Mario Nawfal (@MarioNawfal) November 27, 2024
If approved, the proposal would allow Vancouver to evolve into a “Bitcoin City,” enabling the city government to include Bitcoin in its financial resources. This means residents of Canada’s third-largest city would have the opportunity to purchase Bitcoin.
However, the proposal does not clearly indicate whether Mayor Sim plans to establish a Bitcoin strategic reserve akin to a similar initiative proposed by U.S. Senator Cynthia Lummis.
Mayor Sim’s Bitcoin Advocacy
As a prominent supporter of Bitcoin in Canada, Mayor Sim encountered limited engagement with Bitcoin during his mayoral tenure, which began in October 2022. His party had previously announced plans to accept cryptocurrency donations during his campaign, emphasizing the benefits of blockchain technology. He indicated that his administration would advocate for crypto-friendly policies.
During an interview with Global News on November 25th, a book titled “The Bitcoin Standard” by Saifedean Ammous was noticed in his office, suggesting his keen interest in cryptocurrency.
Push Towards Bitcoin Mainstream Adoption Gains Momentum
Currently, Bitcoin’s value continues to rise, fueled by increasing mainstream acceptance. Mayor Sim’s initiative to incorporate Bitcoin into Vancouver’s financial structure is a part of a broader trend where various states and local governments are pushing for Bitcoin adoption. Notably, the state of Florida is planning to allocate pension funds for crypto investments, Pennsylvania aims to establish its own Bitcoin reserve, and Detroit is considering accepting Bitcoin as payment.
Featured image from DALL-E, chart from TradingView