Vancouver Mayor Ken Sim has revealed plans to incorporate Bitcoin (BTC) into the city’s investment portfolio, aiming to position the town as a crypto-friendly hub.
This initiative seeks to diversify the city’s financial assets by including Bitcoin on its balance sheet.
The Mayor’s Plan
During a November 26 Vancouver city council meeting, 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, set to be formally presented on December 11, is part of a broader strategy to modernize Vancouver’s financial framework and mitigate economic risks by leveraging Bitcoin’s growing value.
With BTC recently reaching an all-time high of over $98,000, Sim believes incorporating the cryptocurrency into the city’s financial portfolio could provide stability and growth opportunities in the long term.
Although the leader has rarely discussed cryptocurrency adoption publicly 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. At the time, Sim said the initiative was a commitment to promoting technology in governance.
Furthermore, a copy of the influential book The Bitcoin Standard by Saifedean Ammous, often cited by crypto proponents, was recently spotted in Sim’s office during a Global News interview.
A Global Shift
Vancouver’s latest initiative to incorporate Bitcoin into its financial portfolio reflects a global shift toward recognizing cryptocurrency as a viable financial hedge.
At the Bitcoin 2024 conference in Nashville, U.S. President-elect Donald Trump proposed creating a national Bitcoin reserve. He positioned the cryptocurrency as a strategic asset comparable to gold in the country’s financial system.
Other leaders worldwide have also embraced similar ideas. Venezuelan opposition leader María Corina Machado has advocated for Bitcoin’s adoption as a national reserve asset. In a previous interview, she described the asset as a “lifeline” and an essential tool of resistance against her country’s economic turmoil.
Canada, where BTC is fully legal and widely embraced, has been at the forefront of cryptocurrency adoption. The nation was the first to approve spot Bitcoin exchange-traded funds (ETFs), offering citizens easy access to cryptocurrency investments.
The fate of Mayor Ken Sim’s motion remains uncertain as it awaits consideration by the city council. If approved, Vancouver would join a growing list of cities and nations embracing Bitcoin’s potential to enhance financial resilience and drive economic growth.
Read the full article here
