Catenaa, Wednesday, December 4, 2024 – Vancouver Mayor Ken Sim has proposed a motion aimed at making the city “Bitcoin-friendly” by integrating Bitcoin into its investment portfolio. The initiative, introduced during a city council meeting on Nov. 26, seeks to modernize Vancouver’s financial framework and diversify its assets by including the cryptocurrency on its balance sheet.
The motion, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources,” is set for formal presentation on December 11.
Sim highlighted Bitcoin’s potential to enhance financial resilience, pointing to its recent surge to a record high of over $100,000. He believes adopting Bitcoin could bolster the city’s economic stability and growth prospects.
Mayor Sim’s engagement with cryptocurrency dates back to his 2022 mayoral campaign when his political party, A Better City, began accepting crypto donations. A copy of *The Bitcoin Standard* by Saifedean Ammous, a key text among Bitcoin advocates, was also seen in his office during a recent interview.
Globally, the push for cryptocurrency adoption is gaining momentum. U.S. President-elect Donald Trump recently proposed a national Bitcoin reserve, while leaders in countries like Venezuela have called for Bitcoin’s integration into national financial strategies.
Canada has been a leader in crypto regulation, becoming the first nation to approve spot Bitcoin ETFs. If Vancouver’s motion is passed, it would join a growing number of cities and countries recognizing Bitcoin as a critical tool for economic innovation.
The council is expected to vote on the motion in December, which could further position Vancouver as a hub for cryptocurrency adoption.
