Vancouver Mayor Ken Sim has unveiled a groundbreaking proposal to add Bitcoin (BTC) to the city’s financial reserves, citing its potential to protect purchasing power and diversify resources.
The motion, which will be discussed by council on December 11, aims to position the city as a leader in digital asset adoption.
The proposal, titled “Preserving City Purchasing Power through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City,” emphasizes the decentralized and finite nature of Bitcoin as a hedge against inflation and economic instability.
Financial hedging
Mayor Sim’s motion argues that traditional financial reserves alone may no longer be sufficient to protect cities like Vancouver from economic shocks. By exploring Bitcoin as part of its reserves, the city aims to diversify its assets and safeguard its purchasing power in an era of increasing monetary instability.
According to Sim:
“Bitcoin offers a unique opportunity to protect against value erosion.”
While the city would take a measured approach, he emphasized the importance of adapting to financial innovations that could benefit taxpayers.
Bitcoin advocate Jeff Booth has backed the proposal, calling it a “game-changer” during a live discussion on X Spaces. Booth, who hails from Vancouver, compared Bitcoin to digital gold, highlighting its potential to stabilize long-term value and its increasing adoption as a strategic asset worldwide.
Global trend
Vancouver’s exploration of Bitcoin joins a growing movement among governments and policymakers around the world.
The idea has gained widespread attention amid the recent shift in US sentiment, which is reportedly looking to set up a federal strategic Bitcoin reserve under incoming President Donald Trump.
Additionally, former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has defended Bitcoin as a national reserve, citing its parallels to traditional commodities like gold.
He compared Bitcoin’s early volatility to the dotcom bubble and predicted that the technology underpinning it will become a fundamental element of global finance.
This momentum is reflected in policy discussions in various jurisdictions, where Bitcoin is increasingly seen not as a speculative instrument, but as a mechanism for economic sustainability. Both Pennsylvania and Texas have introduced bills to create Bitcoin reserves, and rumors suggest even more states will join them in the coming weeks.
