Vancouver to Consider Holding Bitcoin Reserve Asset, Says Mayor

• The Canadian City of Vancouver might be the next major Bitcoin hub.
• The city’s mayor has taken the first step toward making Bitcoin a strategic reserve asset.

Kenneth Sim, the Mayor of Vancouver, Canada, has proposed a motion for the city to become Bitcoin (BTC) friendly. The Mayor suggests making Bitcoin a reserve asset to diversify Vancouver’s investments and preserve purchasing power.

This proposed motion reflects a broader trend in Canada toward incorporating crypto and blockchain initiatives in financial transactions.

Is City-based BTC FOMO kicking in?

Mayor Sim submitted a motion notice to the Vancouver City Council on November 26, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” 

Initially intended for submission on December 11, this motion has raised heightened discussions within the crypto community.

As of November 27, the motion did not appear on the Vancouver government’s official website. In a November 26 X Spaces interview, Bitcoin proponent and author Jeff Booth stated that Mayor Sim’s move aimed to introduce Bitcoin as a reserve asset in Vancouver. 

Bitcoin First: Jeff Booth https://t.co/Z3EPVl8xXm

— Bitcoin First (@bitcoinfirst_) November 26, 2024

However, it is uncertain if Mayor Sim’s move aligns with US federal and local governments proposing legislation to create a Bitcoin reserve. For instance, the Pennsylvania House of Representatives has proposed including Bitcoin in the state treasury. 

According to a CNF report, the Republican-led Senate will review the proposal in the next few weeks. If it passes, Governor Josh Shapiro will receive it for the final review. This action marks a major change in financial strategy since Pennsylvania would be the first US state to store Bitcoin in its reserves.

In a similar move, Brazilian Congressman Eros Biondini has proposed legislation to establish a strategic Bitcoin reserve. As CNF noted, Biondini’s proposal aims to diversify the country’s Treasury and position Brazil at the forefront of digital economic innovation.

Will Sim’s Proposal See The Light of Day?

Mayor Sim is a long-time proponent of crypto. During his mayoral campaign, his political party, A Better City, announced that it would accept crypto donations. Sim stated that the move aimed to demonstrate the party’s technological commitment. His statements suggest he would utilize Bitcoin in Vancouver if elected. 

However, Sim has not addressed the public regarding Bitcoin adoption or any other crypto since he became Mayor in October 2022. It’s uncertain if Sim’s proposal will receive enough votes to pass in the Vancouver City Council. 

Despite enthusiastic momentum, Mayor Sim’s proposal must navigate Vancouver’s legislative process, potentially facing opposition from those concerned about crypto’s volatility. Still, Vancouver’s potential move could signal broader economic strategy shifts within influential emerging market networks. 

Mayor Sim’s proposal coincides with a Bitcoin price recovery after short-term market volatility. Bitcoin’s price has increased by 1.48% in the last 24 hours to $94,944. This increase pushes monthly and yearly gains to 32.9% and 155.23%, respectively.