cryptojournalist
Vancouver Mayor Ken Sim has announced plans to make the city more Bitcoin-friendly by adding the cryptocurrency to its financial reserves. This proposal, which aims to diversify the city’s investment strategy, will be introduced at a city council meeting on December 11, 2024.
Adding Bitcoin to Vancouver’s Reserves
Sim wants to include Bitcoin as a reserve asset, helping to protect the city’s purchasing power and strengthen its finances. This move comes as other governments, like those in the U.S., are also considering adding Bitcoin to their reserves after the 2024 elections.
Mayor’s Support for Crypto
Sim has shown interest in cryptocurrency since his mayoral campaign in 2022. His party, A Better City, accepted crypto donations to demonstrate support for technology. Although he hasn’t spoken much about crypto since taking office, the recent proposal signals his ongoing commitment to embracing innovation.
The Bitcoin Standard Influence
In a recent interview, Sim was seen with a copy of The Bitcoin Standard by Saifedean Ammous, a key book for Bitcoin advocates. This suggests that his idea of adopting Bitcoin as a reserve asset is inspired by the book’s pro-Bitcoin policies.
Sim’s proposal will face a vote at the upcoming city council meeting, but it’s still unclear whether it will pass.
