Vancouver Mayor Proposes a Motion to Make City ‘Bitcoin-Friendly’

Vancouver Mayor Ken Sim has revealed plans to include Bitcoin (BTC) into the town’s funding portfolio, aiming to place the city as a crypto-friendly hub.

This initiative seeks to diversify the town’s monetary belongings by together with Bitcoin on its steadiness sheet.

The Mayor’s Plan

Throughout a November 26 Vancouver metropolis council meeting, Sim launched a discover of movement titled “Preserving the town’s buying energy by diversification of monetary assets: Turning into a Bitcoin-friendly metropolis.”

The movement, set to be formally offered on December 11, is a part of a broader technique to modernize Vancouver’s monetary framework and mitigate financial dangers by leveraging Bitcoin’s rising worth.

With BTC not too long ago reaching an all-time excessive of over $98,000, Sim believes incorporating the cryptocurrency into the town’s monetary portfolio may present stability and progress alternatives in the long run.

Though the chief has not often mentioned cryptocurrency adoption publicly since taking workplace in October 2022, his curiosity in Bitcoin has been evident. Throughout his mayoral marketing campaign, his political social gathering, A Higher Metropolis, announced that it will settle for crypto donations. On the time, Sim mentioned the initiative was a dedication to selling expertise in governance.

Moreover, a replica of the influential e book The Bitcoin Customary by Saifedean Ammous, typically cited by crypto proponents, was not too long ago spotted in Sim’s workplace throughout a International Information interview.

A International Shift

Vancouver’s newest initiative to include Bitcoin into its monetary portfolio displays a worldwide shift towards recognizing cryptocurrency as a viable monetary hedge.

On the Bitcoin 2024 convention in Nashville, U.S. President-elect Donald Trump proposed making a nationwide Bitcoin reserve. He positioned the cryptocurrency as a strategic asset akin to gold within the nation’s monetary system.

Different leaders worldwide have additionally embraced related concepts. Venezuelan opposition chief María Corina Machado has advocated for Bitcoin’s adoption as a nationwide reserve asset. In a earlier interview, she described the asset as a “lifeline” and an important instrument of resistance towards her nation’s financial turmoil.

Canada, the place BTC is absolutely authorized and broadly embraced, has been on the forefront of cryptocurrency adoption. The nation was the primary to approve spot Bitcoin exchange-traded funds (ETFs), providing residents quick access to cryptocurrency investments.

The destiny of Mayor Ken Sim’s movement stays unsure because it awaits consideration by the town council. If accepted, Vancouver would be part of a rising record of cities and nations embracing Bitcoin’s potential to reinforce monetary resilience and drive financial progress.