Vancouver’s mayor Ken Sim has announced plans to incorporate Bitcoin into the city’s balance sheet as part of a broader initiative to diversify investments.
The proposal, unveiled during a 26 November 2024 city council meeting, comes as Sim strives to make Vancouver a “Bitcoin-friendly city.”
Sim’s notice of motion, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” is set to be introduced on 11 December 2024. However, as of 27 November 2024, the motion had not yet been published on the city government’s website.
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Vancouver Plans To Make Bitcoin a Reserve Asset
Jeff Booth, a Bitcoin advocate and author, revealed during a Nov. 26 X Spaces discussion that Sim’s motion aims to designate Bitcoin as a reserve asset for Vancouver.
Although the mayor’s office did not provide a comment, the move aligns with a growing trend of governments exploring Bitcoin adoption.
In the US, lawmakers in Pennsylvania and the Senate have recently proposed holding Bitcoin as a reserve asset following the 2024 elections.
Sim’s interest in cryptocurrency dates back to his mayoral campaign, during which his political party, A Better City, accepted crypto donations to demonstrate its commitment to technology. However, since taking office, Sim has made few public comments on Bitcoin.
Bitcoin First: Jeff Booth https://t.co/Z3EPVl8xXm
— Bitcoin First (@bitcoinfirst_) November 26, 2024
Notably, during a recent interview with Global News, a copy of The Bitcoin Standard by Saifedean Ammous was spotted in Sim’s city hall office. The book, widely referenced by crypto proponents, advocates for Bitcoin adoption in economic policies.
While Sim has successfully fulfilled over 70% of his campaign promises, it remains uncertain whether his Bitcoin motion will gain the necessary support in the Vancouver City Council.
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Growing Global Interest In Bitcoin
Sim’s promise aligns with growing global interest in cryptocurrency as a strategic asset, echoing a similar promise made by US President-elect Donald Trump during his campaign.
Just recently, Polish presidential candidate Sławomir Mentzen also committed to establishing a Bitcoin reserve if elected in 2025.
Likewise, in the US, Senator Cynthia Lummis introduced legislation in July 2024 to create a Bitcoin strategic reserve. The proposal aims to accumulate one million Bitcoin over five years to hedge against national debt.
Meanwhile, other nations have already embraced Bitcoin as a strategic asset. El Salvador, under President Nayib Bukele, made Bitcoin legal tender in 2021 and now holds 5,748.8 Bitcoin.
Similarly, Bhutan has quietly mined Bitcoin for years, with holdings reportedly valued at $780 million as of September.
According to insights from the New York Digital Investment Group (NYDIG), Bitcoin is set to become a significant political asset following the recent electoral victories of Donald Trump and the Republican party
“While some investors have allocated to Bitcoin, the most common allocation for investors is still zero,” said Greg Cipolaro, NYDIG’s global head of research. “There are no excuses now.”
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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