Just In: Vancouver Mayor Ken Sim Proposes Bitcoin As Reserve Asset

Vancouver Mayor Ken Sim has announced plans to explore Bitcoin as part of the city’s financial strategy, marking a shift toward cryptocurrency adoption.

A motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city” is set to be presented to Vancouver City Council on December 11, 2024.

Vancouver Mayor Proposes Bitcoin As Reserve Asset

At a November 26 council meeting, Mayor Sim submitted a notice of motion to consider Bitcoin as a reserve asset for the city. The motion aims to explore how Bitcoin could diversify Vancouver’s financial resources and protect the city’s purchasing power.

Although the full text of the proposal is not yet available on the city’s official website, Bitcoin advocate Jeff Booth, who spoke during a November 26 discussion on X Spaces, described the motion as a step toward including Bitcoin in the city’s reserves. Mayor Sim’s office has not issued a formal statement on the motion.

This development comes as governments in the United States and other jurisdictions have begun evaluating the role of Bitcoin in public financial strategies. Moreover, recent proposals by Pennsylvania lawmakers and U.S. senators have suggested holding Bitcoin as a reserve asset, signalling a growing interest in cryptocurrency among public officials.

Political Background and Cryptocurrency Campaigns

Ken Sim, who was elected as Vancouver’s mayor in October 2022, campaigned on a platform emphasizing technology and innovation. His political party, A Better City, accepted cryptocurrency donations during the 2022 election campaign. At the time, Sim described this move as a commitment to embracing technological advancements.

Since assuming office, Sim has not frequently addressed cryptocurrency or Bitcoin in public. However, during a November 25 interview with Global News, a copy of The Bitcoin Standard by Saifedean Ammous was spotted in his City Hall office. The book, which discusses Bitcoin’s potential as a monetary system, is often cited by cryptocurrency advocates.

However, it remains uncertain whether the motion will receive enough support from Vancouver City Council members to pass.

Broader Context of Bitcoin Adoption

The motion aligns with growing interest in Bitcoin adoption by both governments and private entities. Recently, a publicly-listed Chinese company, SOS Limited, announced a $50 million investment in Bitcoin. The company highlighted Bitcoin’s role as a store of value and a strategic asset.

Additionally, businesses such as Semler Scientific have made substantial Bitcoin purchases, with the company acquiring 297 BTC between November 18 and 22, 2024. Its total Bitcoin holdings now stand at 1,570 BTC, valued at over $117 million. These developments suggest increased recognition of Bitcoin as a potential hedge against traditional financial instability.