Council’s Positive Shift Towards Bitcoin: On December 11, 2024, Vancouver City Council, led by Mayor Ken Sim, voted to explore holding Bitcoin as a reserve asset. This decision promotes the city as ‘Bitcoin-friendly’, recognizing Bitcoin’s potential to enhance financial stability in turbulent markets.
Mayor’s Commitment to Bitcoin: Mayor Ken Sim, in office since 2022, highlights Bitcoin as a hedge against inflation. His commitment includes a personal donation of 10,000 USD in BTC, reflecting alignment with market trends and concerns over rising inflation rates affecting Vancouver residents.
Need for Legislative Changes: Despite the council’s initiative, legislative changes are necessary to allow Vancouver to legally hold Bitcoin. Current restrictions from the Bank of Canada classify cryptocurrencies as commodities, limiting their use within municipal investment strategies.