Vancouver Mayor Ken Sim has put forth an innovative proposal to incorporate Bitcoin (BTC) into the city’s financial reserves, with the goal of safeguarding purchasing power and diversifying resources. The motion, set to be discussed by the council on Dec. 11, aims to position Vancouver as a frontrunner in the adoption of digital assets.
The proposal, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” underscores Bitcoin’s decentralized and limited supply as a hedge against inflation and economic uncertainty.
Mayor Sim argues that traditional financial reserves may no longer suffice to shield cities like Vancouver from economic downturns. By considering Bitcoin as part of its reserves, the city seeks to broaden its holdings and protect its purchasing power in an era of growing monetary instability.
In a statement, Mayor Sim expressed, “Bitcoin offers a unique opportunity to protect against the erosion of value.” While the city plans to take a cautious approach, he stressed the importance of embracing financial innovations that could benefit taxpayers.
Bitcoin advocate Jeff Booth has voiced support for the proposal, deeming it a “game-changer” during a live conversation on X Spaces. Booth, a Vancouver native, likened Bitcoin to digital gold, highlighting its potential to maintain long-term value stability and its increasing adoption as a strategic asset globally.
Vancouver’s consideration of Bitcoin follows a broader trend among governments and policymakers worldwide. The idea has gained momentum in light of a shift in US sentiment, with reports suggesting the establishment of a federal Strategic Bitcoin Reserve under incoming President Donald Trump.
Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has advocated for Bitcoin as a national reserve asset, drawing parallels to traditional commodities like gold. He compared Bitcoin’s early volatility to the dot-com bubble, forecasting that the underlying technology will evolve into a fundamental element of global finance.
This trend is reflected in policy dialogues across various jurisdictions, where Bitcoin is increasingly regarded not only as a speculative tool but as a means of enhancing economic resilience. States like Pennsylvania and Texas have introduced bills to create Bitcoin reserves, with rumors suggesting that more states will follow suit in the near future.