Vancouver Proposes Motion to Hold Bitcoin as Reserve Asset

Journalist

Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Author Profile

Share

Copied

Last updated: 

November 27, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ken Sim, the mayor of Vancouver since 2022, has announced plans to diversify the city’s financial resources by adding Bitcoin to its balance sheet.

The proposal was introduced during a Vancouver city council meeting on November 26, where Sim submitted a notice of motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.”

Could Vancouver Become the First City to Hold Bitcoin as a Reserve Asset?

At a Vancouver City Council meeting on November 26, Mayor Sim submitted a notice of motion to explore the possibility of Bitcoin becoming a reserve asset for the city.

The motion aims to assess how Bitcoin could diversify Vancouver’s financial resources and safeguard the city’s purchasing power amid economic uncertainty.

While the motion was not available on the city government’s website as of November 27, it is set to be formally introduced on December 11.

According to Bitcoin proponent and author Jeff Booth, the motion aims for Vancouver to adopt Bitcoin as a reserve asset, following a growing trend in both local and federal governments in the United States to establish Bitcoin reserves.

Sim’s motion has sparked interest in cryptocurrency, though it remains unclear whether it will gain enough support within the Vancouver City Council to pass.

Sim’s political party, A Better City, made headlines during his mayoral campaign by accepting crypto donations.

He said this move demonstrated his commitment to technology, suggesting that if elected, he would push for cryptocurrency adoption in city operations.

However, since taking office in October 2022, Sim has not publicly promoted cryptocurrency or Bitcoin adoption.

A November 25 interview with Global News revealed that a copy of The Bitcoin Standard by Saifedean Ammous was visible in Sim’s Vancouver City Hall office.

The book advocates for Bitcoin as a global monetary standard and has become a key reference for crypto proponents.

Bitcoin’s Surge and U.S. Legislative Moves: Is a State-Backed Bitcoin Reserve the Future?

As Sim’s motion moves forward, whether the Vancouver City Council will back the proposal remains to be seen.

Sim has highlighted that he has already achieved over 70% of his campaign goals since taking office, suggesting his momentum and influence within the local political landscape.

Meanwhile, Bitcoin’s price nears $100,000, driving rising interest in the cryptocurrency.

This surge is fueled by both market momentum and political support, including growing discussions of favorable federal policies.

Senator Lummis has pushed for legislation to create a U.S. strategic Bitcoin reserve, a concept gaining traction among policymakers and in the financial media, with speculations around a U.S. sovereign wealth fund holding Bitcoin.

Traditional finance (TradFi) investment in crypto is also accelerating.

The launch of Bitcoin spot ETFs, including one from BlackRock, has drawn nearly $34 billion in assets, surpassing gold in value.

MicroStrategy’s $1.75 billion bond issuance to buy more Bitcoin further backed this trend.