Vancouver is the latest city to join discussions about adding Bitcoin to the government’s financial reserves. At the Nov. 26 City Council meeting, Mayor Ken Sim filed notice of motion, where he plans to present his proposal Proposed Bitcoin Bill On December 11th.
The city’s proposal is titled “Preserving the City’s Purchasing Power by Diversifying Financial Resources: Becoming a Bitcoin-Friendly City.” It aims 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 Bitcoin adoption
Vancouver Mayor Ken Sim is taking steps to prepare the city for blockchain technology. your Bitcoin A proponent, SIM pushes for its widespread adoption to hedge against inflation and promote economic development. At the Nov. 27 meeting, Mayor Sem trot out A notice detailing its plan to submit a Bitcoin adoption proposal on December 11.
🇨🇦Vancouver, Canada, the city’s mayor demands Bitcoin as a reserve asset for the city
Vancouver Mayor Ken Sim has announced plans to make the city “bitcoin friendly,” proposing Bitcoin as part of a financial diversification strategy.
The formal proposal, scheduled for December, could lead to the city adopting… pic.twitter.com/TI2rlSgYpX
– Mario Nawfal (@MarioNawfal) November 27, 2024
Under the proposal, Vancouver would become a “Bitcoin City” and would allow the city government to diversify its resources to include Bitcoin. If council approves, residents of Canada’s third-largest city could buy Bitcoin.
However, it is not clear in the proposal whether Sim would also allow for the creation of a strategic reserve of Bitcoin, similar to the reserve pushed by US Senator, Cynthia Lummis.
Bitcoin market cap currently at $1.88 trillion. Chart: TradingView.com
Mayor Sim and his campaign for Bitcoin
Sim is one of the most vocal supporters of Bitcoin in the country. During the campaign, SIM announced that it would accept Cryptocurrency donations. He explained that their commitment to blockchain technology explains their plan to accept cryptocurrencies as donations. He also teased voters that he would push for policies related to cryptocurrencies if he wins.
Vancouver Mayor Ken Sim. Image: Chain Debrief
Sim became Mayor of Vancouver in October 2022. During his time as mayor of the city, he rarely gave speeches or talks about Bitcoin and cryptocurrencies. Interestingly, a book titled “Bitcoin Standard” by Sevdan Amos was seen in the mayor’s office during his interview with Global News on November 25. Many observers pointed to this item in his office as evidence of the mayor’s interest in cryptocurrencies.
Intensifying pressure for mainstream adoption of BTC
Today, Bitcoin prices continue to rise thanks to increased reliance on it. Sim’s move to integrate Bitcoin into Vancouver’s financial system is just one of many proposals that have been reported recently. According to Jeff Booth, author of Blockchain, Mayor Sim’s proposal aims to promote the adoption of Bitcoin as a reserve asset.
Aside from Vancouver, some states and governments are working overtime to accelerate mainstream Bitcoin adoption. For example, the state of Florida plans to tap a portion of its retirement funds and use it to purchase cryptocurrencies. Pennsylvania also plans to create a bitcoin reserve. Then there’s the city of Detroit, which is rolling out a plan to accept Bitcoin as a payment option.
Featured image from DALL-E, chart from TradingView