Vancouver Mayor Considers Bitcoin Adoption for City Governance

Vancouver Mayor Ken Sim is talking Bitcoin. Yes, that’s right! He’s exploring the idea of adding the popular cryptocurrency to the city’s financial reserves. At a recent city council meeting, Mayor Sim introduced a motion titled “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” The formal presentation is scheduled for December 11th, so mark your calendars!

While the specifics of the proposal are still under wraps as of November 27th, Bitcoin advocate Jeff Booth spilled the beans during a recent X Spaces event. He described the motion as a move to adopt Bitcoin as a reserve asset. The mayor’s office, however, has stayed mum on the details.

This news comes at a time when some U.S. lawmakers are also toying with the idea of holding Bitcoin in reserve. Pennsylvania and the U.S. Senate have recently floated similar proposals, indicating a growing interest in Bitcoin among government officials.

During his 2022 campaign, Mayor Sim’s party, A Better City, accepted Bitcoin and cryptocurrency donations to showcase their tech-savvy approach. But since taking office, Mayor Sim hasn’t talked much about Bitcoin-related policies. However, in a recent Global News interview, keen-eyed viewers spotted a copy of “The Bitcoin Standard” by Saifedean Ammous on Mayor Sim’s office shelf. While the book is a favorite of Bitcoin enthusiasts, its presence doesn’t necessarily mean specific policy changes are in the works.

The big question now is whether this motion will drum up enough support in the city council. Mayor Sim has touted his administration’s progress on campaign promises, noting that over 70% of his outlined goals have been achieved. But how his colleagues in the council will respond to this new Bitcoin proposal remains to be seen. Stay tuned for more updates on this developing story!