Vancouver Mayor Ken Sim Pushes for Bitcoin as City Reserve Asset

Vancouver Mayor Ken Sim announced plans to make the city “Bitcoin-friendly,” proposing Bitcoin as part of its financial diversification strategy.

The city of Vancouver is preparing to join the discussion on integrating Bitcoin into its financial reserves. At a city council meeting on November 26th, Mayor Ken Sim submitted his notice of motion, where he plans to introduce his proposed Bitcoin bill on December 11th.

The city's proposal is titled "Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city." It aims to integrate Bitcoin into the city's financial system and make Vancouver a “Bitcoin-friendly city,” using Bitcoin as a hedge against inflation and promoting economic development.

Vancouver mayor pushes for Bitcoin as city reserve asset

Vancouver Mayor Ken Sim is taking steps to prepare the city for blockchain. As a Bitcoin supporter, Sim is pushing for widespread adoption to hedge against inflation and promote economic development. In a November 27th meeting, Mayor Sim filed a motion of notice detailing his plan to present the proposal to adopt Bitcoin on December 11th.

🇨🇦VANCOUVER, CANADA, MAYOR PUSHES FOR BITCOIN AS CITY RESERVE ASSET

Vancouver Mayor Ken Sim announced plans to make the city “Bitcoin-friendly,” proposing Bitcoin as part of its financial diversification strategy.

A formal motion, set for December, could see the city adopt… pic.twitter.com/TI2rlSgYpX

— Mario Nawfal (@MarioNawfal) November 27, 2024

Under the proposal, Vancouver will transform into a “Bitcoin City” and authorize the city government to diversify its resources to include Bitcoin. If the council approves, residents of Canada's third-largest city can purchase Bitcoin.

However, it isn't clear in the proposal if Sim also authorizes setting up a Bitcoin strategic reserve, similar to the one being pushed by US senator, Cynthia Lummis.

Mayor Sim and his campaign for Bitcoin

Sim is one of the country's most vocal supporters of Bitcoin. During the campaign, Sim's party announced it would accept cryptocurrency donations. He explained that their commitment to blockchain technology demonstrates their plan to accept crypto as donations and teased the electorate that he will push for crypto-related policies if he wins.

Sim became Vancouver's mayor in October 2022. During his tenure as city mayor, he rarely gave speeches or talks on Bitcoin and cryptocurrencies. Interestingly, a book titled "The Bitcoin Standard" by Saifedan Ammous was seen in the mayor's office during his interview with Global News on November 25th. Many observers pointed to this item in his office as evidence of the mayor's interest in crypto.

Push for BTC mainstream adoption intensifies

Today, Bitcoin continues to surge in price thanks to a growing mainstream adoption. Sim's move to integrate Bitcoin into Vancouver's financial system is just one of the many proposals reported recently. According to Jeff Booth, a blockchain author, Mayor Sim's proposal aims to promote the adoption of Bitcoin as a reserve asset.

Aside from Vancouver, a few states and governments are working overtime to fast-track Bitcoin's mainstream adoption. For example, the state of Florida plans to tap a portion of its pension funds and use it to buy crypto. Pennsylvania is also planning to set up a Bitcoin reserve. Then, there's the city of Detroit, which teases a plan to accept Bitcoin as a payment option.

Featured image from DALL-E, chart from TradingView