30s Summary

Vancouver’s Mayor, Ken Sim, has hinted at the possibility of adding Bitcoin to the city’s assets to diversify investments and preserve purchasing power. The motion, suggested during a city council meeting, will be officially introduced in December. Whilst Sim has previously indicated openness to cryptocurrencies, it is yet unclear if this motion will be successful. His stance could potentially be influenced by US lawmakers considering Bitcoin as a government reserve asset. However, no official confirmation or response has been provided by Sim’s office.

Full Article

Ken Sim, the Vancouver city mayor since 2022, has announced that Bitcoin might be added to the city’s assets. This move is part of an effort to broaden the city’s investments.

Sim put forth a notice during a city council meeting on November 26, suggesting that Vancouver should become a Bitcoin-friendly city to preserve its purchasing power by diversifying financial resources. This notice will be fully introduced on December 11. However, as of November 27, there was no information about the motion on the city’s government website.

Jeff Booth, a Bitcoin supporter and author, mentioned in an X Spaces chat on November 26 that Sim’s plan is to have Vancouver accept Bitcoin as a reserve asset. We reached out to Sim’s office but we didn’t get any response.

Whether this motion by Sim is a reaction to US local and federal governments’ considerations to establish a Bitcoin reserve is not known. Post the 2024 elections, lawmakers from Pennsylvania’s House of Representatives and the US Senate hinted at plans to have the government include Bitcoin as a reserve asset.

During Sim’s race for mayoral post, his political party, A Better City, announced they would be cool with crypto donations. Sim stated this acceptance of crypto was to show off their love for technology and mentioned that he might use cryptocurrency in city management if he won.

Sim did become the mayor of Vancouver in October 2022. But since then, he’s kept mum on the topic of Bitcoin or cryptocurrency adoption. In a recent interview, we did notice a copy of “The Bitcoin Standard” by Saifedean Ammous in Sim’s office. This book, published in 2018, has been referred to by many Bitcoin enthusiasts to encourage Bitcoin adoption.

According to Sim, he’s managed to achieve over 70% of the 94 points from his campaign in his two years as mayor. But it’s still uncertain if the Bitcoin adoption motion will be passed in the Vancouver City Council.