Vancouver Mayor Ken Sim has put forth an innovative proposal to include Bitcoin (BTC) in the city’s financial reserves, with the goal of protecting purchasing power and diversifying resources. The motion, which is set to be discussed by the council on December 11th, aims to establish the city as a pioneer 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 instability.
Mayor Sim argues that relying solely on traditional financial reserves may no longer be sufficient to shield cities like Vancouver from economic uncertainties. By considering Bitcoin as part of its reserves, the city hopes to diversify its holdings and safeguard its purchasing power in an era marked by increasing monetary instability.
According to Sim, “Bitcoin offers a unique opportunity to protect against the erosion of value.” While the city plans to approach this initiative cautiously, he stresses the importance of embracing financial innovations that could benefit taxpayers.
Bitcoin advocate Jeff Booth has expressed support for the proposal, describing it as a “game-changer” during a live discussion on X Spaces. Booth, a Vancouver native, likens Bitcoin to digital gold, highlighting its potential to stabilize long-term value and its growing acceptance as a strategic asset on a global scale.
Vancouver’s exploration of Bitcoin is consistent with a broader trend among governments and policymakers worldwide. This idea has gained momentum following a shift in sentiment in the United States, where there are reports of efforts to establish a federal Strategic Bitcoin Reserve under the incoming administration of President Donald Trump.
Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has also endorsed Bitcoin as a national reserve asset, drawing parallels between Bitcoin and traditional commodities like gold. He believes that Bitcoin’s early volatility is akin to the dot-com bubble and predicts that the underlying technology will become a fundamental element of global finance.
This growing momentum is evident in policy discussions across various jurisdictions, where Bitcoin is increasingly seen not as a speculative instrument but as a tool for economic resilience. States like Pennsylvania and Texas have introduced legislation to create Bitcoin reserves, and there are rumors of several more states planning to follow suit in the near future.