title: Ken Sim says his continued push to have Vancouver become a bitcoin-friendly city is “a hill that I’m willing to die on”

As he awaits a city staff report on whether the digital currency could one day be integrated into the City of Vancouver's financial strategies and systems.

Ken Sim's continued push to have Vancouver become a bitcoin-friendly city is “a hill that I’m willing to die on” as he awaits a city staff report on whether the digital currency could one day be integrated into the City of Vancouver’s financial strategies and systems.

Since he successfully introduced his motion to council in December, Sim has been on a crusade of sorts in making people understand his motivation behind what for many is a complex and mystifying concept.

What is bitcoin? How does it work? Why are police talking about it?

He’s done media rounds, appeared on podcasts, has attended events with the crypto industry and was the keynote speaker at the Virgo Crypto Summit on April 4 at the Sheraton Wall Centre.

Sim’s speech happened to come the day before the April 5 council byelection.

The mayor’s party, ABC Vancouver, had a table set up in the lobby outside the ballroom of the event and the party’s two candidates — Jaime Stein and Ralph Kaisers — got some microphone time.

“Is it the end of the world if these two incredible individuals don't get elected?” Sim said before introducing Stein and Kaisers as supporters of the crypto community.

“No, but I'll tell you what's at stake: We put the industry behind by at least a year-and-a-half, and as we know in this industry, things are moving at the speed of light.”

It was an odd comment coming from a mayor whose party had held seven of the 11 seats on council before the byelection. The year-and-a-half reference is the time left until the 2026 general civic election.

Accepting taxes, fees in bitcoin

The mayor, who is a chartered accountant and former investment banker, said that no matter what staff recommends in the report that he will ensure more work will be done on crypto.

“If they miss the mark, if they come up with recommendations that are factually incorrect or based on the wrong data, I will be personally filing an amendment to correct those discrepancies, and then we'll vote on that as well, and then it will pass,” he told the crowd.

As for Stein and Kaisers, they did not get elected.

They finished sixth and seventh among 13 candidates in a race won by Sean Orr of COPE and Lucy Maloney of OneCity, who believe Sim has been wasting time on pushing bitcoin when affordable housing, homelessness and childcare need attention.

The mayor’s motion from December directs staff to explore options to make Vancouver a bitcoin-friendly city by undertaking a comprehensive analysis of the potential to integrate bitcoin into the City of Vancouver's financial strategies.

That would include, but not be limited to, accepting taxes and fees in bitcoin.

The mayor has also called for the potential conversion of a portion of the city’s financial reserves into bitcoin “to preserve purchasing power and guard against the volatility, debasement and inflationary pressures of traditional currencies.”

The mayor described bitcoin in his motion as a decentralized, digital currency "impervious to the ups and downs of centralized monetary systems."

He said it has been recognized by financial experts and analysts as a potential hedge against inflation and currency debasement and represents a viable store of value due to its capped supply and growing adoption in the global economy.

Other cities and countries have explored or adopted bitcoin, including Zug, Switzerland; Seoul, South Korea, and El Salvador.

'Greatest store of value ever in human history'

Throughout his speech, Sim countered what he said were myths and misinformation about bitcoin and the cryptocurrency industry, while also understanding there are skeptics who question his motivation.

“We have a fiduciary duty to do what's right for the City of Vancouver, even if it comes at great expense — and we're actually willing to take shots,” he said.

This is a hill that I'm willing to die on because it's the right thing to do. And from a purely selfish perspective, I want my boys to [continue to] live here.

Two of his sons are interested in pursuing careers in “decentralized finance,” or DeFi, as the mayor called it. The mayor has shares in Coinbase Global Inc., a company that describes itself as a secure online platform for buying, selling, transferring and storing cryptocurrency.

His 2024 financial disclosure also indicates he has shares in MGT Capital Investments, a U.S.-based bitcoin mining company, and BTCC.B, another bitcoin operation.

When he introduced his motion, Sim promised to donate $10,000 in bitcoin to the city.

The mayor’s office said in an emailed statement that Sim consulted with an independent lawyer to confirm there was no conflict of interest related to his motion. Based on the lawyer’s advice, the mayor was able to table, attend the meeting and vote on his motion, his office said.

The mayor’s argument for integrating bitcoin into