Vancouver's mayor proposes investing in Bitcoin as a reserve asset, diversifying the city's financial resources.
Vancouver Mayor Ken Sim is working on a plan to make the city a Bitcoin-friendly hub. At the city council meeting on November 26, he announced an official proposal, expected to be presented on December 11, themed "Protecting the city's purchasing power through financial diversification: Becoming a Bitcoin-friendly city."
According to Jeff Booth, a Bitcoin expert, the goal of this proposal is to include Bitcoin in the investment portfolio of the city of Vancouver. Although the specific details of the proposal have not been made public, this move comes amid many governments, from local to federal in the US, considering holding Bitcoin as part of the national reserve fund.
Source: City of Vancouver
Some lawmakers in Pennsylvania and the US Senate have also proposed similar plans following the 2024 elections. Currently, it is unclear whether these moves will influence Mayor Sim's decision, and his office has not yet responded to requests for comment.
Mayor Sim's interest in Bitcoin is not surprising. In the 2022 election campaign, his party A Better City accepted contributions in cryptocurrency, demonstrating openness to this technology.
Although he rarely speaks publicly about cryptocurrency since taking office, the display of the book The Bitcoin Standard in his office, according to a recent interview with Global News, has shown his interest in this digital asset. The book, published in 2018, is considered one of the key texts in the Bitcoin community.
Vancouver's consideration of investing in Bitcoin could bring many potential benefits, including portfolio diversification and inflation resistance. Mayor Sim appears confident in his ability to fulfill his commitments, stating that he has completed over 70% of the 94 campaign goals he set.
