Vancouver Could Soon Become A Bitcoin Friendly City

Ken Sim, who has served as the mayor of Vancouver since 2022, has proposed integrating Bitcoin (BTC) into the local balance sheet to diversify the overall investments of the city. During a city council meeting on November 26th, Sim announced his intent to introduce a motion through which he wants Vancouver to become a more crypto friendly city.

A Domino Effect

Bitcoin advocate and author Jeff Booth mentioned in a November 26th discussion on X Spaces that the motion aims to position Bitcoin as a reserve asset for Vancouver. However, Mayor Sim had not commented on the matter by the time of publication.

Furthermore, it remains uncertain whether the initiative was influenced by U.S. governments considering Bitcoin reserves. Following the 2024 elections, some lawmakers in Pennsylvania and the U.S. Senate have proposed holding Bitcoin as a reserve asset, especially since President Trump himself said he would consider making the flagship crypto a strategic reserve asset for the United States.

Big Promises

The campaign by Mayor Sim previously embraced cryptocurrency, with his political party, A Better City, accepting crypto donations to showcase its commitment to technology. Sim also expressed interest in incorporating cryptocurrency into city hall operations if elected.

Although Sim has made limited public comments on cryptocurrency adoption as mayor, a recent Global News interview revealed a copy of The Bitcoin Standard by Saifedean Ammous in his city hall office. This book, a key reference for Bitcoin proponents since its 2018 publication, often informs ideas supporting cryptocurrency adoption.

It is unclear if the aforementioned motion will garner sufficient support in the Vancouver City Council. However, the mayor stated that he has achieved over 70% of the total 94 pledges since taking office two years ago.