Vancouver Mayor Ken Sim has called on the city council to investigate the integration of Bitcoin into the city’s financial system to tackle rising inflation. During a council meeting on December 11, Sim introduced a motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming a Bitcoin-Friendly City.” The proposal emphasizes the potential of the leading cryptocurrency to shield Vancouver’s financial reserves from the impacts of inflation and unstable fiat markets.
Sim highlighted Bitcoin’s 16-year history as a dependable financial instrument, arguing that its adoption could safeguard against the depreciation of traditional currencies. His motion builds on his prior advocacy for cryptocurrency, including accepting crypto donations during his 2022 mayoral campaign. Drawing comparisons to the successes of other Bitcoin-adopting regions such as Zug and Lugano in Switzerland, El Salvador, and various African communities, Sim expressed confidence in the benefits Bitcoin could bring to Vancouver.
A Strategic Move Amid Financial Challenges
The mayor underscored the city’s struggle with inflation, which has strained Vancouver’s fiscal stability and hindered its ability to maintain public services. By diversifying financial reserves with Bitcoin, Sim believes the city could mitigate inflationary pressures and protect taxpayers from currency debasement.
JUST IN: Mayor of Vancouver says #Bitcoin is “the greatest invention ever in human history.” pic.twitter.com/1Shhy29CXM
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
To turn this vision into reality, Sim has requested a comprehensive feasibility report to be completed by the end of Q1 2025. This study will assess the risks, advantages, and logistical requirements for adopting Bitcoin, including strategies for asset management and liquidation. The report will also involve consultations with key stakeholders to ensure a well-rounded approach to implementation.
Mayor Sim first floated the idea of diversifying the city’s financial reserves with Bitcoin last month, signaling his intention to position Vancouver as a forward-thinking, crypto-friendly municipality.
