Vancouver City Council to Vote on Bitcoin Integration Motion
Bitcoin's price has surpassed $100K, prompting Vancouver city in Canada to consider integrating Bitcoin into its finances. Mayor Ken Sim plans to present a motion at the Vancouver City Council on December 11 titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City.” The ABC party, led by Sim, holds a majority on the council, increasing the likelihood of passing the motion.
If approved, the motion would direct city staff to explore ways to incorporate digital assets into Vancouver's operations, potentially including accepting taxes and fees in Bitcoin or converting part of the city's financial reserves into digital currency.
Vancouver has established itself as a hub for cryptocurrency innovation, introducing the world’s first Bitcoin ATM in 2013 and housing blockchain startups like Dapper Labs Inc.
Vancouver Mayor Shares Bitcoin Benefits
Mayor Ken Sim outlines the benefits observed in regions adopting Bitcoin. El Salvador significantly reduced its debt after making Bitcoin legal tender in 2021 and continues to accumulate Bitcoin daily. Zug, Switzerland, has begun accepting Bitcoin for tax payments.
The proposal argues that adopting Bitcoin would signal a pro-innovation approach and safeguard the city's purchasing power against volatility, devaluation, and inflation associated with traditional currencies. Additionally, it notes that Bitcoin mining can utilize surplus energy from renewable sources and waste methane, thus supporting environmental sustainability and the financial viability of renewable projects.
Growing Demand for BTC
Following Donald Trump's recent electoral victory, major economies are closely monitoring his strategies regarding Bitcoin and the broader crypto industry, including discussions on establishing a strategic Bitcoin reserve for the US. The market is responding positively to the appointment of pro-crypto candidates like Paul Atkins, set to become the SEC chief in January 2025. Trump also announced David Sacks as the new crypto czar at the White House.