Vancouver Mayor Proposes Adding Bitcoin To City’s Financial Strategy

According to Cointelegraph, Vancouver Mayor Ken Sim has announced plans to incorporate Bitcoin into the city's financial portfolio. This initiative aims to diversify the city's investments and enhance its purchasing power. During a city council meeting on November 26, Mayor Sim introduced a notice of motion titled 'Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City.' The motion is set to be formally introduced on December 11, although it was not yet available on the city government’s website as of November 27. Bitcoin advocate and author Jeff Booth mentioned in a November 26 X Spaces discussion that Mayor Sim's proposal seeks to establish Bitcoin as a reserve asset for Vancouver. Cointelegraph attempted to contact Mayor Sim’s office for further comments but did not receive a response by the time of publication. The motivation behind this motion remains unclear, particularly whether it is influenced by similar legislative considerations in the United States, where lawmakers in Pennsylvania and the US Senate have proposed holding Bitcoin as a reserve asset following the 2024 elections. Mayor Sim, who was elected in October 2022, has previously shown interest in cryptocurrency. During his campaign, his political party, A Better City, accepted crypto donations to demonstrate their commitment to technology. Despite this, Sim has seldom publicly discussed Bitcoin or cryptocurrency adoption since taking office. A recent interview with Global News on November 25 revealed a copy of 'The Bitcoin Standard' by Saifedean Ammous in Sim’s office, a book often cited by crypto enthusiasts to advocate for Bitcoin adoption. The outcome of Sim’s proposed motion remains uncertain, as it is unclear if it will garner sufficient support within the Vancouver City Council. Mayor Sim claims to have achieved over 70% of the 94 objectives outlined in his campaign since assuming office two years ago. The proposal reflects a growing trend among local and federal governments to consider integrating Bitcoin into their financial strategies.