Vancouver passes motion to become a ‘Bitcoin-friendly city’

As a seasoned crypto investor with a decade-long journey in this digital frontier, I must admit that the recent decision by the Vancouver City Council to explore Bitcoin integration is both intriguing and promising. Having witnessed the meteoric rise of Bitcoin and other cryptocurrencies, I’ve learned firsthand about their potential to revolutionize finance and safeguard against inflationary pressures.

The Vancouver City Council has approved a motion to investigate methods for incorporating Bitcoin into their financial dealings, potentially establishing a Bitcoin reserve and offering Bitcoin as a payment option.

At the Dec. 11 meeting, Mayor Ken Sim proposed making our city welcoming towards Bitcoin transactions. He suggested this move could potentially shield us from issues like inflation and currency depreciation.

In this scenario, six members backed the proposal, two objected, while three didn’t participate in the vote at all.

At the city council gathering, I seized the moment to address my motion that allowed councilors, specialists, and the public to voice their opinions prior to the vote. As my turn came, I explained that I proposed this motion in anticipation of future hurdles and with the intention of safeguarding the City of Vancouver for the next century.

Sim stated that we’re facing issues with affordability, and he strongly feels that Bitcoin might offer a solution, addressing not only our financial problems but also our affordability concerns.

Sim shared that his motivation for presenting the idea to the council was sparked by his research, which revealed a striking contrast: While the value of houses within the city skyrocketed by an astounding 381% from 1995 to 2022, the price of gold barely budged and remained relatively stable.

Simultaneously, he notes that the city’s fixed-income investments, valued at approximately $3.1 billion, have suffered a decline of around $185 million due to market fluctuations.

Sim pointed out, ‘It seems there’s a situation unfolding here. The value of our money is being diluted, which means our buying power is decreasing.’

In demonstration of his dedication, he additionally promised a Bitcoin (BTC) contribution to the city, irrespective of the decision made in the upcoming vote.

Sim announced that our family will generously contribute $10,000 worth of Bitcoin as a token of our affection for the City of Vancouver,” he stated.

I am confident in the advantages this method holds, and I’m demonstrating my conviction by investing resources into its implementation.

Worry about illicit activities and environmental impact

Counselor Pete Fry, who voted against the proposal, expressed worries regarding potential misuses of cryptocurrencies and digital assets for illegal purposes. Additionally, he mentioned that there hadn’t been sufficient communication with law enforcement agencies concerning this issue.

As a crypto investor, I understand that just like me, the City of Vancouver is bound by law. So, it’s not within their power to engage or transact with tenders that aren’t legally compliant.

Without clear recognition of the significant problems related to money laundering that our city has faced, I believe taking this action doesn’t move us forward in finding a solution.

Council member Adriane Carr expressed her opposition to the motion, stating that she was deeply worried about the potential harm to the environment from Bitcoin mining and the strain it could place on the power grid.

By the close of Q1 2025, Sim has asked for a comprehensive analysis of the “Bitcoin-Friendly City” approach, encompassing its viability, risks, and advantages if implemented.

2024-12-12 09:26

Worry about illicit activities and environmental impact

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