Vancouver mayor pushes for Bitcoin-friendly city
Ken Sim suggests crypto reserves as a hedge against inflation and economic uncertainty
In a move to position Vancouver as a Bitcoin-friendly haven, Mayor Ken Sim has proposed adding the cryptocurrency to city reserves.
During a city council meeting on Tuesday, the mayor filed notice of a motion, titled Preserving of the city's purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city, to be discussed on December 11.
JUST IN: Mayor of Vancouver, Canada proposes motion for the city to hold #Bitcoin as a reserve asset 🇨🇦 pic.twitter.com/748dkXuTn5
— Bitcoin Magazine (@BitcoinMagazine)
Sim’s proposal, which has garnered interest, has yet to be approved by the Vancouver City Council.
During his campaign, Sim’s party, A Better City, accepted cryptocurrency donations, indicating his support for digital assets. However, since taking office in 2022, he has not actively pursued cryptocurrency adoption within city operations.
Including Bitcoin in city reserves may help Vancouver spread its financial risk and guard against inflation amid ongoing economic uncertainty. If implemented, the move may also position Vancouver as a leading digital asset adopter.
In a live discussion on X, entrepreneur and Bitcoin advocate Jeff Booth said the proposal could change the game. He compared the asset with digital gold, stressing that it may offer stability to long-term value.
Bitcoin First: Jeff Booth https://t.co/Z3EPVl8xXm
— Bitcoin First (@bitcoinfirst_)
Vancouver is not the first to explore Bitcoin or its exchange-traded funds (ETFs), which let investors buy Bitcoin indirectly without needing to manage it themselves.
Japan's Government Pension Investment Fund (GPIF) expressed interest earlier this year in adding Bitcoin to its portfolio. The pension fund is regarded as the world's largest, managing up to 224 trillion yen ($1.4 trillion).
Additionally, local and federal governments in the US are considering a national Bitcoin reserve. After the elections, lawmakers in the US Senate and the Pennsylvania House of Representatives have proposed plans for adding Bitcoin to government reserves.
Though these initiatives are still in their early stages, they may inspire worldwide governments to consider how Bitcoin could be a strategic asset in the midst of economic instability.
