Vancouver Mayor Proposes a Motion to Make City Bitcoin-Friendly
Vancouver Mayor Ken Sim has revealed plans to incorporate Bitcoin (BTC) into the citys investment portfolio, aiming to position the town as a crypto-friendly hub.
This initiative seeks to diversify the citys financial assets by including Bitcoin on its balance sheet.
The Mayors Plan
During a November 26 Vancouver city council meeting, Sim introduced a notice of motion titled Preserving the citys purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.
The motion, set to be formally presented on December 11, is part of a broader strategy to modernize Vancouvers financial framework and mitigate economic risks by leveraging Bitcoins growing value.
With BTC recently reaching an all-time high of over $98,000, Sim believes incorporating the cryptocurrency into the citys financial portfolio could provide stability and growth opportunities in the long term.
Although the leader has rarely discussed cryptocurrency adoption publicly since taking office in October 2022, his interest in Bitcoin has been evident. During his mayoral campaign, his political party, A Better City, announced that it would accept crypto donations. At the time, Sim said the initiative was a commitment to promoting technology in governance.
Furthermore, a copy of the influential book The Bitcoin Standard by Saifedean Ammous, often cited by crypto proponents, was recently spotted in Sims office during a Global News interview.
A Global Shift
Vancouvers latest initiative to incorporate Bitcoin into its financial portfolio reflects a global shift toward recognizing cryptocurrency as a viable financial hedge.
At the Bitcoin 2024 conference in Nashville, U.S. President-elect Donald Trump proposed creating a national Bitcoin reserve. He positioned the cryptocurrency as a strategic asset comparable to gold in the countrys financial system.
Other leaders worldwide have also embraced similar ideas. Venezuelan opposition leader María Corina Machado has advocated for Bitcoins adoption as a national reserve asset. In a previous interview, she described the asset as a lifeline and an essential tool of resistance against her countrys economic turmoil.
Canada, where BTC is fully legal and widely embraced, has been at the forefront of cryptocurrency adoption. The nation was the first to approve spot Bitcoin exchange-traded funds (ETFs), offering citizens easy access to cryptocurrency investments.
The fate of Mayor Ken Sims motion remains uncertain as it awaits consideration by the city council. If approved, Vancouver would join a growing list of cities and nations embracing Bitcoins potential to enhance financial resilience and drive economic growth.
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