Vancouver mayor proposes adding Bitcoin to city reserves

Vancouver Mayor Ken Sim has announced plans to introduce a motion to make the city more "Bitcoin-friendly" by exploring the addition of Bitcoin (CRYPTO:BTC) to its financial reserves.

During a city council meeting on November 26, Mayor Sim revealed his intention to submit a motion titled "Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city."

The motion is scheduled for introduction on December 11, though specific details have not yet been published on the city’s official website.

The proposal aligns with the mayor’s earlier campaign focus on embracing technology and cryptocurrency.

Sim’s political party, A Better City, accepted crypto donations during his 2022 mayoral campaign, signaling a commitment to innovation.

At the time, Sim stated the move was meant to "demonstrate [the party’s] commitment to technology."

Jeff Booth, a Bitcoin proponent and author, discussed the motion during a November 26 X Spaces session, suggesting the plan involves adopting Bitcoin as a reserve asset.

While Mayor Sim’s office has not commented on the matter, the motion reflects broader interest in Bitcoin adoption among local and federal governments.

In the U.S., similar discussions have emerged, with legislators in Pennsylvania and the U.S. Senate proposing government-held Bitcoin reserves.

In a recent Global News interview, a copy of The Bitcoin Standard by Saifedean Ammous, a well-regarded book in the cryptocurrency space, was spotted in Sim’s office, signaling the mayor’s potential interest in Bitcoin adoption strategies.

It remains unclear whether the proposal will gain enough support in the Vancouver City Council.

However, Mayor Sim has emphasised his dedication to fulfilling campaign promises, claiming to have achieved 70% of the initiatives outlined in his campaign since taking office in 2022.

At the time of reporting, the Bitcoin (BTC) price was $95,041.95.