Vancouver Plans to Adopt Bitcoin as Municipal Reserve Fund

• Vancouver Mayor Proposes Bitcoin as Reserve
• Ken Sim seeks to diversify finances with cryptocurrencies
• Vancouver May Adopt Bitcoin as Municipal Asset

Vancouver Mayor Ken Sim has announced plans to diversify the city’s financial resources by proposing to include Bitcoin as a reserve asset. At a city council meeting on November 26, Sim introduced a motion entitled “Preserving the City’s Purchasing Power through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” scheduled to be introduced on December 11.

DEVELOPING: Vancouver's Mayor plans to propose adding # Bitcoin to the city's balance sheet. 👀 pic.twitter.com/pZZIlsM5dp

— Simply Bitcoin (@SimplyBitcoinTV) November 26, 2024

Bitcoin advocate and renowned author Jeff Booth said the motion aims to adopt the cryptocurrency as a reserve asset. The mayor's office has not responded to requests for comment.

During his election campaign, Sim’s party, A Better City (ABC), accepted donations in cryptocurrency, demonstrating its commitment to technology. Sim stated at the time that the initiative was intended to “demonstrate our commitment to technology,” suggesting that cryptocurrency could be used in city government if elected.

In a recent interview, a copy of Saifedean Ammous’s book “The Bitcoin Standard” was spotted in Sim’s office at City Hall. The book, published in 2018, is often cited by cryptocurrency enthusiasts to promote Bitcoin adoption.

It is unclear whether the mayor's motion will have enough support to pass Vancouver city council. Sim said he has delivered on more than 70 per cent of the 94 points he outlined in his campaign since taking office two years ago.

At the time of this article's publication, Bitcoin was trading at $95.634,28, up 2.1% in the last 24 hours.

Sim emphasized that the initiative aims to “demonstrate our commitment to technology, both in terms of embracing it to help improve service at City Hall and to promote Vancouver as a technology hub.” He added that “Vancouver is a leader in emerging technology; Web 3.0 offers a unique opportunity to transform Vancouver’s economy and identify innovative ways to deliver services more efficiently and cost-effectively.”