Vancouver mayor proposes Bitcoin strategy for 2025

Vancouver Mayor Ken Sim is advocating for the city to consider adopting Bitcoin (CRYPTO:BTC) as part of its financial strategy. 

During a council meeting scheduled for December 11, Sim plans to introduce a motion titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.” 

He argues that Bitcoin, with its 16-year history, has established a “solid reputation” and could serve as a protective measure against inflation and currency devaluation. 

This initiative reflects Sim’s ongoing support for cryptocurrency, which he demonstrated during his 2022 mayoral campaign by accepting crypto donations. 

Sim pointed to successful examples from other regions, including Zug and Lugano in Switzerland, Seoul in South Korea, and El Salvador, where governments have integrated Bitcoin into their financial systems. 

He noted that inflationary pressures on traditional fiat currencies are eroding the city’s purchasing power. 

To address this issue, Sim proposed diversifying Vancouver’s financial reserves to include Bitcoin. 

He suggested that making Vancouver a “Bitcoin-friendly city” could involve accepting taxes and fees in Bitcoin, which he believes would help preserve the city's value against the volatility of traditional currencies. 

Sim stated that this approach would ultimately benefit taxpayers by maintaining the value of their tax dollars. 

To facilitate this transition, he has requested a report by the end of the first quarter of 2025 that will assess the feasibility, risks, and potential benefits of adopting Bitcoin. 

The study will also explore asset management implications and develop a framework for Bitcoin storage and liquidation while engaging with the community to build proposals. 

“Owning Bitcoin would preserve Vancouver’s purchasing power and guard against the volatility, debasement, and inflationary pressures of traditional currencies.” Sim emphasised.

At the time of reporting, the Bitcoin price was $97,419.87.