Vancouver’s Growing Interest in Bitcoin: Vancouver’s city council is now considering Bitcoin (BTC) as a financial strategy. Mayor Ken Sim’s motion gained strong support, aiming to combat inflation amid record-HIGH housing prices, which increased by 381% since 1995, highlighting a need for innovative solutions.
Evaluation Report by Q1 2025: The approved motion requires a comprehensive report on Bitcoin’s risks and benefits for municipal use by the end of Q1 2025. This evaluation aims to provide clarity on the feasibility of adopting BTC, addressing community concerns over potential misuse.
Funding and Legal Hurdles: Mayor Sim committed to donating 10,000 USD in Bitcoin to demonstrate confidence in its benefits. However, significant legal restrictions exist that prevent Vancouver from using BTC for transactions, posing a challenge for its potential adoption.