Vancouver Mayor Ken Sim has revealed plans to incorporate Bitcoin into the city's investment portfolio, aiming to position it as a crypto-friendly hub.
The Mayor's Plan
During a November 26 Vancouver city council meeting, Sim introduced a notice of motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” The motion is set to be formally presented on December 11 as part of a broader strategy to modernize Vancouver’s financial framework and mitigate economic risks by leveraging Bitcoin’s growing value.
A Global Shift
Vancouver’s initiative to incorporate Bitcoin into its financial portfolio reflects a global shift toward recognizing cryptocurrencies as a viable financial hedge. At the Bitcoin 2024 conference in Nashville, U.S. President-elect Donald Trump proposed creating a national Bitcoin reserve, positioning the cryptocurrency as a strategic asset comparable to gold in the country’s financial system. Other leaders worldwide have also embraced similar ideas, including Venezuelan opposition leader María Corina Machado.
Future of the Initiative
The fate of Mayor Ken Sim’s motion remains uncertain as it awaits consideration by the city council. If approved, Vancouver would join a growing list of cities and nations embracing Bitcoin’s potential to enhance financial resilience and drive economic growth.
Incorporating Bitcoin into Vancouver's investment portfolio supports the trend of global recognition of cryptocurrencies in financial systems.
