Ken Sim, who has served as the mayor of Vancouver since 2022, announced plans for the Canadian city to add Bitcoin to its balance sheet as part of efforts to diversify its investments.
In a Nov. 26 Vancouver city council meeting, Mayor Sim submitted a notice of motion he intended to introduce on Dec. 11 titled “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” As of Nov. 27, the motion did not appear to be available on the city government’s website.
Bitcoin BTC$96,006 proponent and author Jeff Booth said in a Nov. 26 X Spaces that Mayor Sim’s motion was intended to have Vancouver adopt the cryptocurrency as a reserve asset. Cointelegraph reached out to Mayor Sim’s office for comment but did not receive a response at the time of publication.
It’s unclear whether the Vancouver mayor’s motion came in response to local and federal governments in the United States considering legislation to establish a BTC reserve. Following the 2024 elections, lawmakers in both the Pennsylvania House of Representatives and the US Senate have suggested plans to have the government hold Bitcoin as a reserve asset.
Campaigning with crypto and reading The Bitcoin Standard
During his mayoral campaign, A Better City, Sim’s political party, announced that it would accept crypto donations. At the time, Sim said the move was to “demonstrate [the party’s] commitment to technology,” suggesting that he would utilize cryptocurrency in city hall if elected.
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Vancouver residents elected Sim as their mayor in October 2022. However, he has rarely made public statements on the adoption of Bitcoin or cryptocurrency while in office.
In a Global News interview released on Nov. 25, a copy of the book The Bitcoin Standard by Saifedean Ammous was present in Sim’s office in Vancouver City Hall. Many crypto proponents have referenced the book , first published in 2018, to push ideas and policies toward Bitcoin adoption.
It’s unclear whether Sim’s proposed motion would have enough support to pass in the Vancouver City Council. According to the mayor, he fulfilled more than 70% of the 94 points laid out in his campaign since taking office two years ago.
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