City of Vancouver to Investigate Accepting Bitcoin for Investments

Vancouver city council has unanimously voted to explore turning the city into a Bitcoin-friendly hub, taking a step towards a potential future where cryptocurrency plays a role in everyday transactions. While this doesn’t mean immediate cryptocurrency investments or payments in the city, it does set the stage for further investigation in that direction by city staff.

The motion was put forward by Vancouver Mayor Ken Sim, a well-known advocate for cryptocurrencies, seeking new ways to integrate them into the city’s operations. The proposal garnered support from the mayor’s ABC Vancouver council members, while two Green councillors opposed it.

With a clear message from supporters, the motion attracted a strong response, with more than thirty individuals lining up to speak on the topic. Enthusiastic supporters highlighted the potential benefits of embracing cryptocurrency technology for Vancouver’s future.

Mayor Sim, a self-professed enthusiastic supporter of cryptocurrencies, explained in an interview with Global News that exploring Bitcoin was a prudent move. Citing Bitcoin as the leading performing asset over recent years, the mayor emphasized the importance of considering it as part of a diversified financial strategy.

He believes that overlooking cryptocurrencies could be a missed opportunity for Vancouver, the province, and the country in the face of changing financial landscapes. Addressing concerns about the rising cost of living, Sim pointed to the potential benefits of cryptocurrency as a hedge against volatile traditional currencies.

Despite starting as a cryptocurrency skeptic, Sim shared that extensive research had shifted his perspective. Notably, his 2024 financial disclosure reveals investments in Coinbase Global and Purpose Bitcoin ETF, underlining his personal commitment to the technology.

In a symbolic gesture following the city council vote, Mayor Sim announced plans for a $10,000 Bitcoin donation to the city, showcasing his dedication to advancing the conversation around cryptocurrencies in Vancouver.