Vancouver Mayor Ken Sim Proposes Bitcoin as a Reserve Asset
The post Vancouver Mayor Ken Sim Proposes Bitcoin as a Reserve Asset appeared on BitcoinEthereumNews.com.
Sim’s proposal aligns with the growing global interest in Bitcoin as a reserve asset. This is evident in the aggressive BTC acquisition strategies of companies like MARA Holdings and MicroStrategy. Meanwhile, the growing institutional adoption is boosted even more by the launch of options on Bitcoin ETFs on major U.S. exchanges. Analysts also predict Bitcoin’s price could surge in 2025, fueled by a weakening U.S. dollar, increased liquidity, and growing adoption metrics. Vancouver Explores Adding Bitcoin to City Balance Sheet Ken Sim, the mayor of Vancouver since 2022, announced plans to explore adding Bitcoin (BTC) to the Canadian city’s balance sheet as part of its strategy to diversify its financial resources. During a Vancouver city council meeting on Nov. 26, Sim submitted a notice of motion titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” The motion is set to be introduced on Dec. 11, but is not available on the city government’s website yet. Mayor Ken Sim Bitcoin advocate and author Jeff Booth revealed in a Nov. 26 X Spaces discussion that the mayor’s proposal aims to establish Bitcoin as a reserve asset for the city. The proposal also aligns with ongoing debates in the United States, where lawmakers in Pennsylvania and the U.S. Senate discussed plans to adopt Bitcoin as a reserve asset after the 2024 elections. Mayor Sim’s engagement with crypto predates his time in office. During his mayoral campaign, Sim’s political party, A Better City, accepted cryptocurrency donations. While in office, Sim made limited public remarks on Bitcoin or broader crypto adoption. However, a recent Global News interview from Nov. 25 revealed a copy of The Bitcoin Standard by Saifedean Ammous in the mayor’s office, which is a book that is widely read and referred to by crypto enthusiasts to advocate…
Filed under: News - @ November 28, 2024 6:26 am