Vancouver Mayor Ken Sim Proposes Exploring Bitcoin as a Reserve Asset to Safeguard Purchasing Power

The motion, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” is scheduled to be officially presented to the Vancouver City Council on December 11, 2024.

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Vancouver Mayor Ken Sim is set to present a bold proposal to the city council on December 11, aiming to explore Bitcoin as a reserve asset for Vancouver. The move would mark a significant step toward cryptocurrency adoption by a major city government.

According to a report by the Canadian Press on November 26, the motion, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” will be officially tabled at the council meeting.

The proposal is part of a broader effort to protect Vancouver from economic volatility and inflation by adding Bitcoin to the city's reserves. The initiative comes amid growing interest in Bitcoin as a reserve asset at the government level, particularly in the United States.

Several US lawmakers have recently proposed holding Bitcoin in public financial reserves, highlighting the increasing consideration of cryptocurrency in national economic strategies.

Bitcoin advocate Jeff Booth voiced support for Mayor Sim's plan during a discussion on X Spaces on November 26. Booth highlighted the importance of the motion in recognizing Bitcoin's potential as a strategic financial asset for the city.

The full text of the proposal is not yet available, but it is expected to provide further details on the city's plan to investigate Bitcoin as a reserve asset.

Former CFTC chairman supports a Bitcoin reserve in the USA

Christopher Giancarlo, the former Chairman of the US Commodity Futures Trading Commission (CFTC), has been vocal about the potential for Bitcoin to be used as a strategic reserve asset by the United States.

In a recent interview with Blockworks, Giancarlo, who is also known as CFTC Crypto Dad, discussed the potential for Bitcoin to be included in the nation's financial reserves.

Referring to Bitcoin as the “world's first digital commodity,” Giancarlo compared it to traditional commodities like gold, oil, and copper, which nations have hoarded throughout history. He praised the idea of a national Bitcoin reserve, highlighting its capacity to ensure long-term financial stability in a progressively digital economy.

While acknowledging concerns about Bitcoin's speculative nature, Giancarlo drew parallels to the dot-com bubble, where early-stage speculation ultimately led to technological breakthroughs that revolutionized industries.

He envisions a similar evolution with blockchain and Bitcoin technology, making it a forward-looking move for governments and financial institutions.