Vancouver is the latest city to join the discussion about adding Bitcoin to government financial reserves. At the city council meeting on November 26, Mayor Ken Sim submitted a motion in which he plans to present his position proposed Bitcoin bill December 11.
The city’s proposal is titled “Maintaining the City’s Purchasing Power by Diversifying Financial Resources: Becoming a Bitcoin-Friendly City.” Its goal is to integrate Bitcoin into the city’s financial system and make Vancouver a “Bitcoin-friendly city”, using Bitcoin as a hedge against inflation and promoting economic development.
Vancouver is taking a step towards adopting BTC
Vancouver Mayor Ken Sim is taking the necessary steps to prepare the city for blockchain. as Bitcoin supporter, Sim urges widespread adoption to protect against inflation and promote economic development. At a meeting on November 27, Mayor Sim submitted an application notice detailing his plan to present a proposal to adopt Bitcoin on December 11.
🇨🇦 VANCOUVER, CANADA, MAYORS PUSH BITCOIN AS CITY’S RESERVE ASSET
Vancouver Mayor Ken Sim has announced plans to make the city “Bitcoin-friendly,” offering Bitcoin as part of his financial diversification strategy.
A formal request, scheduled for December, could result in the city adopting… pic.twitter.com/TI2rlSgYpX
— Mario Nawfal (@MarioNawfal) November 27, 2024
Under the proposal, Vancouver will transform itself into a “Bitcoin City” and empower the city government to diversify its resources to include Bitcoin. If council approves, residents of Canada’s third-largest city will be able to buy Bitcoin.
However, it is unclear in the proposal whether Sim also authorizes the creation of a Bitcoin strategic reserve, similar to the one being pushed by US Senator Cynthia Lummis.
Bitcoin market cap currently at $1.88 trillion. Chart: TradingView.com
Mayor Sim and his Bitcoin campaign
Sim is one of the most vocal supporters of Bitcoin in the country. During the campaign, Sim’s party announced that it would accept cryptocurrency donations. He explained that their commitment to blockchain technology demonstrates their plan to accept cryptocurrencies in the form of donations. He also teased the electorate that if he won, he would push for cryptocurrency-related policies.
Vancouver Mayor Ken Sim. Image: Chain Debrief
Sim became mayor of Vancouver in October 2022. During his tenure as mayor of the city, he rarely gave speeches and talks about Bitcoin and cryptocurrencies. Interestingly, on November 25, a book titled “The Bitcoin Standard” by Saifedan Ammous was seen in the mayor’s office during his interview with Global News. Many observers pointed to this item in his office as evidence of the mayor’s interest in cryptocurrencies.
The push to adopt BTC into the mainstream is intensifying
Currently, Bitcoin’s price continues to rise thanks to its increasing mainstream adoption. Sim’s decision to integrate Bitcoin into Vancouver’s financial system is just one of many proposals made recently. According to blockchain author Jeff Booth, Mayor Sim’s proposal aims to promote the adoption of Bitcoin as a reserve asset.
In addition to Vancouver, several states and governments are working overtime to accelerate Bitcoin’s mainstream adoption. For example, the state of Florida plans to tap into some of its pension funds and operate it to purchase cryptocurrencies. Pennsylvania also plans to create a Bitcoin reserve. Then there’s the city of Detroit teasing a plan to accept Bitcoin as a payment option.
Featured image from DALL-E, chart from TradingView
