Vancouver Mayor Ken Sim has unveiled a groundbreaking proposal to add Bitcoin (BTC) to the city’s financial reserves, citing its potential to protect purchasing power and diversify resources.
This motion will be debated by the City Council on December 11. It aims to make the city a leader when it comes to digital assets adoption.
The title of the proposal is “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” highlights Bitcoin’s decentralized and finite nature as a hedge against inflation and economic instability.
Financial hedge
Mayor Sim’s motion argues that traditional financial reserves alone may no longer be enough to shield cities like Vancouver from economic shocks. The city hopes to protect its purchasing power and diversify its assets by including Bitcoin in its reserve portfolio.
Sim Sim
“Bitcoin offers a unique opportunity to protect against the erosion of value.”
The city is taking a calculated approach but he stressed the need to adapt to new financial innovations which can benefit the taxpayers.
Jeff Booth is a Bitcoin supporter who has rallied around the proposal. “game-changer”During a live discussion of X Spaces. Booth, originally from Vancouver, described Bitcoin as digital gold and highlighted the potential for its value to be stable over time, along with its growing adoption globally.
Global Trend
Vancouver’s exploration of Bitcoin aligns with a growing movement among governments and policymakers worldwide.
It has been widely accepted that the idea is growing in popularity due to the shift in US attitudes. Rumors are circulating about the establishment of a Strategic Bitcoin Reserve by the incoming US President Donald Trump.
Christopher Giancarlo (former Chairman of the Commodity Futures Trading Commission – CFTC), has also argued that Bitcoin is a good national reserve, comparing it to gold and other traditional commodities.
He compared Bitcoin’s early-stage volatility to the dot-com bubble, predicting that the technology underpinning it will evolve into a foundational element of global finance.
In policy discussions in various jurisdictions Bitcoin is increasingly seen not as a speculation tool, but as an instrument for economic sustainability. Pennsylvania and Texas introduced legislation to establish Bitcoin reserves. Rumors suggest that more states may follow in the near future.
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