Vancouver Mayor Ken Sim Explores Bitcoin as Part of City's Financial Strategy

Ken Sim, the mayor of Vancouver, has announced plans to explore Bitcoin as part of the city's financial strategy, including the possibility of adding it to the city's reserves.

Vancouver Mayor Ken Sim is planning to introduce a motion that would pave the way for the city to explore adding Bitcoin to its reserves.

The motion, which was announced on November 26 and is set to be formally presented on December 11, is titled “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.”

According to Bitcoin advocate Jeff Booth, who discussed the motion during a November 26 X Spaces, the proposal would see Bitcoin adopted as a reserve asset.

However, Mayor Sim's office has not yet commented on the motion.

The proposal comes amid suggestions from some U.S. lawmakers to hold Bitcoin as a reserve asset.

Legislators in Pennsylvania and the U.S. Senate recently raised similar ideas, indicating a broader interest in Bitcoin among governments.

During his 2022 campaign, Sim's political party, A Better City, accepted Bitcoin and cryptocurrency donations to highlight its focus on technology.

However, since taking office, Sim has rarely addressed Bitcoin-related policies.

In a November 25 interview with Global News, a copy of The Bitcoin Standard by Saifedean Ammous, a book often cited by Bitcoiners, was seen in Sim's office.

While the book is influential in discussions related to Bitcoin, its presence does not definitively indicate specific policy intentions.

It remains to be seen whether the motion will garner sufficient support in the city council.

Sim has highlighted his administration's progress on campaign promises, indicating that over 70% of his outlined goals have been realized, but the reception to this proposal is yet to be determined.