Vancouver mayor plans to introduce ‘Bitcoin-friendly city’ plans

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As an analyst with a background in both political science and finance, I find Ken Sim’s proposal to add Bitcoin to Vancouver’s balance sheet intriguing. Having closely followed the crypto space for years and observed the rise of blockchain technology, I can appreciate the potential benefits that such a move could bring.

Ken Sim, serving as Vancouver’s mayor from 2022 onwards, unveiled proposals to incorporate Bitcoin into the city’s financial reserves, as a strategy aimed at expanding investment portfolios.

During a Vancouver city council meeting held on November 26th, Mayor Sim announced his intention to propose a motion on December 11th titled “Maintaining the city’s financial flexibility through diversification of investment options: Making Vancouver Bitcoin-compatible.” As of November 27th, this proposed motion was not visible on the city government’s official website.

As a researcher, I’d like to share my take on Jeff Booth’s statement during his Nov. 26 X Spaces talk. He suggested that Mayor Sim was proposing for Vancouver to hold Bitcoin as a reserve asset. However, when CryptoMoon reached out to Mayor Sim’s office for confirmation, no response was received before the publication deadline.

It’s uncertain if the Vancouver mayor’s action was prompted by the possibility of local and federal U.S. governments proposing legislation to create a Bitcoin reserve. After the 2024 elections, representatives from both the Pennsylvania House and the U.S. Senate have proposed ideas about the government owning Bitcoin as a reserve asset.

Campaigning with crypto and reading The Bitcoin Standard

During his mayoral run, Sim’s political group, A Better City, declared their readiness to receive donations in the form of cryptocurrencies. At the time, Sim explained this decision as a way to showcase their dedication towards technology, implying that they would potentially use cryptocurrency within city administration if he were to be elected.

In October 2022, the people of Vancouver chose Sim as their mayor. Yet, during his time in office, he’s seldom spoken publicly about the use of Bitcoin or cryptocurrencies.

In a recent interview on Global News, conducted on November 25th, Saifedean Ammous’s book The Bitcoin Standard was visible in Sim’s office located within Vancouver City Hall. This book, initially published in 2018, has been frequently cited by cryptocurrency advocates to advance the concepts and policies aimed at promoting Bitcoin acceptance.

It’s uncertain if Sim’s suggested resolution would garner sufficient backing to be approved by the Vancouver City Council. The mayor claims that he has accomplished over 70% of the 94 promises made during his campaign since assuming office two years back.

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2024-11-27 19:47