Vancouver Mayor Ken Sim continues big Bitcoin push

Vancouver Mayor Ken Sim has continued his big Bitcoin push as he attempts to make the city a Bitcoin-friendly city. According to reports, Sim mentioned that the push is a hill he is willing to die on, as he awaits the city staff report on whether digital assets could be integrated into the financial strategies and systems of Vancouver one day.

Since he introduced the motion to the council in December, the Vancouver mayor has been on the move, trying to make people understand the motivation behind his obsession with what many will describe as a complex concept. He has done media rounds, appeared on podcasts and other events within the confines of the crypto industry, and even appeared as the keynote speaker at the Virgo Crypto Summit.

Vancouver Mayor keys into Bitcoin push

The Vancouver Mayor gave his speech at the Sheraton Wall Center on April 4, a day before the council bye-election. ABC Vancouver, Sim’s party, had set up in the lobby right outside the ballroom where the event took place, with the party’s candidates–Jaime Stein and Ralph Kaisers–getting time to speak. Sim introduced both of them as supporters of the crypto community after asking, “Is it the end of the world if these two incredible individuals don’t get elected?”

Ken Sim delivering the keynote address at the Virgo Crypto Summit. Source: Vancouver Is Awesome.

“No, but I’ll tell you what’s at stake: We put the industry behind by at least a year-and-a-half, and as we know in this industry, things are moving at the speed of light.”

The comment was quite odd considering ABC Vancouver held seven of the 11 seats on the council before the bye-election. The reference to the year and a half is the remaining time until the 2026 general civic election.

SIM, who is originally a chartered accountant and former investment banker has keyed into his push for digital assets. He mentioned that no matter what the staff recommends in the report, he will ensure more work is done on digital assets. “If they miss the mark, if they come up with recommendations that are factually incorrect or based on the wrong data, I will be personally filing an amendment to correct those discrepancies, and then we’ll vote on that as well, and then it will pass,” he told those present at the event.

Stein and Kaisers fell short, ending up in sixth and seventh place among 13 candidates. The race was eventually won by Sean Orr of COPE and Lucy Maloney of OneCity, who share the thought that Sim has been wasting time on Bitcoin when issues like affordable housing, homelessness, and childcare need his attention.

Sim pushes for taxes and other fees in Bitcoin

According to reports, the mayor’s motion in December directs staff to explore options to make Vancouver Bitcoin-friendly by carrying out a deep analysis of the potential to integrate BTC into the city’s financial strategies. One of the aspects that Sim included in his directive was to accept taxes and other fees in Bitcoin. The mayor has also called for the conversion of some part of the city’s financial reserves into Bitcoin, which he said is “to preserve purchasing power and guard against the volatility, debasement and inflationary pressures of traditional currencies.”

He described Bitcoin as a decentralized, digital currency that acts as a hedge against the ups and downs of the central monetary systems. The Vancouver mayor added that the asset has been recognized by experts as the best bet against inflation and currency debasement, highlighting that it represents the best store of value due to its supply, which is capped at 21 million. Sim also pointed to the growing adoption of the asset across global economies, noting cities like Zug in Switzerland, Seoul in South Korea, and El Salvador that have fully adopted the digital asset.

In his speech at the event, he touched on various areas of discussion while noting that they have the responsibility to do what is best for Vancouver. “This is a hill that I’m willing to die on because it’s the right thing to do. And from a purely selfish perspective, I want my boys to [continue to] live here,” the Vancouver mayor said. He also mentioned the rise in crimes associated with the crypto sector, noting that it is the way the criminals have decided to use the assets to launder funds.

Sim added that his interest in Bitcoin is to protect the purchasing power of Vancouver in the years to come. “It is becoming mainstream. Nation states, ETFs, pension funds, family offices, investment advisors —they’re all starting to add it to portfolios. I would love to see Vancouver set up for the next 100 years. That’s my opinion,” he said.

While he plans to seek re-election next year, he knows being the only mayor of a major city in Canada pushing Bitcoin could hurt his chances. “Most politicians wouldn’t even bring up the conversation for fear that it may hurt their election chances,” he said.

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