Vancouver Mayor Ken Sim has proposed Bitcoin as a reserve asset, with a resolution on December 11, 2024.
Mayor Ken Sim of Vancouver announced that the city intends to investigate Bitcoin as part of its financial strategy, demonstrating a trend toward the use of cryptocurrencies.
On December 11, 2024, the Vancouver City Council will hear a resolution with the title “Preserving the city’s purchasing power through diversification of financial resources, becoming a Bitcoin-friendly city.
Vancouver Mayor Proposes Bitcoin As Reserve Asset
Mayor Sim presented a notice of motion to evaluate Bitcoin as a reserve asset for the city during a council meeting on November 26. The purpose of the motion is to investigate how Bitcoin presents the potential to diversify Vancouver’s financial resources and safeguard the city’s purchasing power.
Bitcoin advocate Jeff Booth, who spoke at a discussion on X Spaces on November 26, interpreted the motion as a step toward putting Bitcoin in the city’s reserves. This is true even though the city’s official website hasn’t yet published the proposal’s full text.
The office of Mayor Sim has not released any official statement about the move. This new development has arisen due to governments in the United States and other jurisdictions beginning to assess the role that Bitcoin plays in public financial initiatives.
Politicians in Pennsylvania and senators from the United States have recently urged the holding of Bitcoin as a reserve asset. This indicates that public officials are becoming increasingly interested in cryptocurrency transactions.
Ken Sim used a platform emphasizing technology and innovation during his campaign for the mayor of Vancouver, a position he won in October 2022. During the election campaign of 2022, his political party, A Better City, welcomed donations in the form of cryptocurrencies.
Sim described this action as a commitment to embracing technological advancements at the time of its implementation. During the time that Sim has been in office, he has not frequently discussed Bitcoin or cryptocurrency in public.
On November 25th, while responding to an interview with Global News, we discovered a copy of Saifedean Ammous’s book The Bitcoin Standard in his office at City Hall. People who advocate for or support Bitcoin frequently quote the book, which explores the potential of Bitcoin as a monetary system.
Broader Context of Bitcoin Adoption
However, it remains uncertain if the proposal will secure enough backing from Vancouver City Council members to secure approval. The proposal aligns with the growing interest in Bitcoin adoption from both private entities and governments.
Recently, SOS Limited, a publicly traded Chinese business, announced its intention to invest fifty million dollars in Bitcoin. The corporation concerned recognized the importance of Bitcoin as a strategic asset and a store of value.
In addition, several companies, such as Semler Scientific, have made significant acquisitions of Bitcoin. Specifically, the company acquired 297 BTC between November 18 and November 22, 2024.
The entire amount of Bitcoins that it currently possesses is 1,570 BTC, which is worth more than $117 million. These developments suggest that people are increasingly recognizing Bitcoin as a potential hedge against the traditional volatility of the financial system.
