Vancouver Mayor Introduces Motion to Make City ‘Bitcoin-Friendly’

Vancouver Mayor Ken Sim has announced plans to include Bitcoin (BTC) in the city's investment portfolio in an effort to make the city 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

In the year At the Vancouver City Council meeting on November 26th, Sim introduced an action announcement titled “Protecting the City's Affordability by Incorporating Financial Resources: Becoming a Bitcoin-Friendly City.”

The proposal, which will be made public on December 11, is part of a broader strategy to modernize Vancouver's financial framework and address economic risks by leveraging Bitcoin's growing value.

With BTC recently reaching an all-time high above $98,000, Sim believes that incorporating the cryptocurrency into the city's financial portfolio will provide long-term stability and growth opportunities.

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. As Sim said at the time, this initiative is a commitment to promote technology in management.

In addition, the influential book written by Saiphedian Amos, often cited by crypto fans, was recently featured in a Global News interview by SIM Bureau.

International transfer

Vancouver's latest initiative to include bitcoin into its financial portfolio reflects a global shift to recognize 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. It positioned cryptocurrency as a strategic asset comparable to gold in the nation's financial system.

Other leaders around the world have embraced similar ideas. Venezuelan opposition leader María Corina Machado has backed the adoption of Bitcoin as a national reserve asset. In a previous interview, she described the property as a “lifeline” and an important tool to deal with her country's economic turmoil.

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

Mayor Ken Sim's request is pending consideration by the City Council, so its fate is uncertain. If adopted, Vancouver will join a growing list of cities and countries embracing Bitcoin's potential to boost financial resilience and boost economic growth.