Key Takeaways
- Vancouver Mayor Ken Sim proposes Bitcoin as a city reserve asset.
- The motion will be discussed in early December 2024.
- Bitcoin recently surpassed $99,000, spurring increased interest.
Vancouver Mayor Ken Sim has introduced a motion to make Bitcoin a reserve asset for the city.
The proposal, titled ‘Becoming a Bitcoin-Friendly City,’ aims to diversify the city’s financial resources and protect its purchasing power amid Bitcoin’s rising value.
Background
The motion is expected to be formally discussed in early December.
While not yet available on Vancouver’s website, it has already drawn attention as one of several global efforts this year to incorporate Bitcoin into public financial systems.
This follows a recent surge in Bitcoin’s value, surpassing $99,000 for the first time in November 2024.
Mayor Sim’s stance
Mayor Sim has consistently demonstrated a forward-looking stance toward Bitcoin.
During his re-election campaign in 2022, he accepted Bitcoin donations to emphasize his party’s commitment to technology and innovation.
If the motion is approved, Vancouver would join a growing list of governments exploring Bitcoin reserves.
