Vancouver Mayor Ken Sim has announced plans to include Bitcoin (BTC) in the city's investment portfolio to position Vancouver as a crypto-friendly hub.

The initiative aims to diversify the city's financial assets by incorporating Bitcoin into its balance sheet.

At a Vancouver City Council meeting on November 26, Sim introduced a notice of motion titled "Preserving the City's Purchasing Power Through Financial Resource Diversification: Transforming the City into a Bitcoin-Friendly Hub."

The proposal, set to be formally presented on December 11, is part of a broader strategy to modernize Vancouver's financial framework and mitigate economic risks by leveraging Bitcoin's growing value.

Although the mayor has rarely publicly discussed adopting cryptocurrency since taking office in October 2022, his interest in Bitcoin has been evident. During his mayoral campaign, his political party, A Better City, announced that it would accept cryptocurrency donations. At the time, Sim stated that the initiative was a commitment to advancing technology in governance.

Additionally, during a recent interview with Global News, a copy of Saifedean Ammous's book The Bitcoin Standard—often cited by cryptocurrency advocates—was spotted in Sim's office.

Vancouver’s latest initiative to incorporate Bitcoin into its financial portfolio reflects a global shift toward recognizing cryptocurrency as a viable financial hedge.

At the Bitcoin 2024 Conference in Nashville, U.S. President-elect Donald Trump proposed establishing a national Bitcoin reserve. He positioned cryptocurrency as a strategic asset comparable to gold within the nation's financial system.

Other global leaders have echoed similar ideas. Venezuela’s opposition leader, María Corina Machado, advocated for adopting Bitcoin as a national reserve asset. In a previous interview, she described Bitcoin as a "lifeline" and a critical tool for resisting economic shocks in her country.

Canada, where BTC is fully legal and widely adopted, is at the forefront of cryptocurrency adoption. The country was the first to approve spot Bitcoin exchange-traded funds (ETFs), providing citizens with easy access to cryptocurrency investments.

The fate of Mayor Ken Sim's proposal remains uncertain as it awaits review by the city council. If approved, Vancouver will join a growing list of cities and countries leveraging Bitcoin's potential to enhance financial resilience and foster economic growth.

With BTC recently reaching an all-time high of over $98,000, Sim believes that integrating cryptocurrency into the city's financial portfolio could provide stability and growth opportunities in the long term.

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