Vancouver Mayor Ken Sim Proposes Bitcoin as Reserve Asset to Protect City’s Finances

• Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to protect the city’s purchasing power.
• The motion aims to diversify Vancouver’s financial resources, with council discussion set for December 11.
• Mayor Sim’s proposal aligns with global trends of governments exploring Bitcoin for economic resilience.

Vancouver Mayor Ken Sim has proposed exploring Bitcoin as part of the city’s financial reserves. The initiative, scheduled for discussion on December 11, 2024, represents a big step toward Bitcoin adoption by a Canadian municipality.

The proposal, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” seeks to safeguard Vancouver’s purchasing power. It also aims to diversify the city’s financial resources in the face of unpredictable global economic conditions.

Motion Details and Goals

Mayor Sim submitted the motion to explore Bitcoin as a potential reserve asset at the council meeting on November 26. The plan emphasizes Bitcoin’s decentralization and fixed quantity, offering it as a hedge against inflation . The city intends to assess how Bitcoin can help to stabilize financial reserves and increase economic resilience.

While the full text of the motion is not yet public, Bitcoin advocate Jeff Booth discussed its implications during a live session on X Spaces. Booth stressed Bitcoin’s role as a digital store of wealth, comparing it to modern gold.

Mayor Sim’s administration has yet to issue an official statement regarding the motion. Recent interviews, however, indicate that the mayor is becoming increasingly interested in creative financial techniques.

Political and Financial Context

Ken Sim, elected in 2022, has made technology and innovation central to his administration. During the campaign, his party, A Better City , accepted cryptocurrency donations. This move demonstrated Sim’s willingness to embrace emerging technologies.

Despite not talking about Bitcoin much since taking office, Sim’s interest is clear. A recent interview revealed that he kept a copy of The Bitcoin Standard in his office, a book commonly cited by Bitcoin supporters.

Bitcoin Adoption Trends

Vancouver’s proposal mirrors a larger trend of governments exploring Bitcoin’s position in financial policies. In the United States, lawmakers in Pennsylvania and Texas have proposed legislation to establish state Bitcoin reserves.

Bitcoin’s acceptance is growing worldwide, among both public and private enterprises. It is unclear whether the proposal will receive enough support in the Vancouver City Council.