Cryptocurrencies

Vancouver mayor proposes Bitcoin adoption as reserve asset

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Vancouver Mayor Ken Sim has introduced a motion to integrate Bitcoin (CRYPTO:BTC) into the city’s financial reserves as part of a broader plan to hedge against inflation and drive economic development.

The proposal, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” will be formally presented on December 11 at a city council meeting.

Mayor Sim envisions Vancouver as a “Bitcoin City,” advocating for the use of Bitcoin as a strategic asset in the city’s financial system.

If approved, residents of Canada’s third-largest city may gain opportunities to engage with Bitcoin directly, though specific details regarding the creation of a Bitcoin strategic reserve have not yet been clarified.

Sim’s motion reflects his ongoing support for blockchain technology.

His party accepted cryptocurrency donations during his mayoral campaign, underscoring its commitment to embracing innovative financial tools.

While Sim has seldom addressed cryptocurrency publicly since his election in October 2022, his interest was evident during a recent interview, where a copy of The Bitcoin Standard was spotted in his office.

According to blockchain author Jeff Booth, Sim’s proposal aligns with efforts by other jurisdictions exploring Bitcoin adoption as a reserve asset.

Florida is considering allocating pension funds for cryptocurrency investments, while Pennsylvania plans to establish a Bitcoin reserve.

Detroit has also teased potential Bitcoin payment systems.

Bitcoin’s continued rise in mainstream acceptance is driving such initiatives, with its market capitalisation standing at $1.88 trillion.

Mayor Sim’s motion, if passed, could position Vancouver at the forefront of Bitcoin adoption in municipal governance, further solidifying its role in modern economic systems.

At the time of reporting, the Bitcoin price was $95,790.11.

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