Vancouver is the latest city to join discussions about adding Bitcoin to the government’s financial reserves. During a city council meeting on November 26, Mayor Ken Sim introduced his motion, in which he plans to introduce his proposed Bitcoin account on December 11.
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 is taking a step towards BTC adoption
Vancouver Mayor Ken Sim is taking the necessary steps to prepare the city for the blockchain. Like one Bitcoin As an advocate, Sim is pushing for widespread adoption to hedge against inflation and promote economic development. During a meeting on November 27, Mayor Sim submitted a motion of a notice detailing its plan to present the proposal to adopt Bitcoin on December 11.
🇨🇦VANCOUVER, CANADA, MAYOR PUSHES BITCOIN AS CITY RESERVE ASSETS
Vancouver Mayor Ken Sim announced plans to make the city “Bitcoin-friendly,” proposing Bitcoin as part of his financial diversification strategy.
A formal motion, drawn up for December, could lead to the city… pic.twitter.com/TI2rlSgYpX
— Mario Nawfal (@MarioNawfal) November 27, 2024
According to the proposal, Vancouver will transform into a ‘Bitcoin City’ and authorize the city government to diversify its resources to include Bitcoin. If council approves, residents of Canada’s third-largest city will be able to buy Bitcoin.
However, it is not clear in the proposal whether Sim will also authorize the creation of a strategic Bitcoin reserve, similar to the one being pushed by US Senator Cynthia Lummis.
Bitcoin market cap currently at $1.88 trillion. Chart: TradingView.com
Mayor Sim and his campaign for Bitcoin
Sim is one of the most vocal proponents of Bitcoin in the country. During the campaign, Sim’s party announced that they would accept it cryptocurrency donations. He explained that their commitment to blockchain technology demonstrates their plan to accept crypto as donations. He also teased the electorate that he will push for crypto-related policies if he wins.
Vancouver Mayor Ken Sim. Image: Chain Debrief
Sim became Vancouver’s mayor in October 2022. During his tenure as mayor, he rarely gave speeches or lectures 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 25. Many observers pointed to this item in his office as evidence of the mayor’s interest in crypto.
The push for mainstream adoption of BTC is intensifying
Today, Bitcoin continues to rise in price thanks to growing mainstream adoption. Sim’s move to integrate Bitcoin into Vancouver’s financial system is just one of several 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.
Apart from Vancouver, a few states and governments are working overtime to speed up the situation The mainstream adoption of Bitcoin. For example, the state of Florida plans to tap some of its pension funds and use it to buy crypto. Pennsylvania also plans to set up a Bitcoin reserve. Then there’s the city of Detroit, which is teasing a plan to accept Bitcoin as a payment option.
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