Vancouver city council adopted a vote to study becoming a “Bitcoin-friendly city.” Mayor Ken Sim proposed the idea, which intends to incorporate Bitcoin into municipal financial strategy, including the creation of a Bitcoin reserve and the ability to take Bitcoin for taxes and fees.
Sim emphasized the importance of resolving financial issues, including inflation and currency devaluation. He noted that, while property values in Vancouver have increased by 381% since 1995, traditional investment options such as gold have remained stable. Furthermore, the city’s fixed-income assets have lost significant market value.
“We need to think ahead to ensure Vancouver’s financial stability for the next 100 years,” Sim said during the council meeting. To illustrate his dedication, he promised to donate $10,000 in Bitcoin to the city regardless of the motion’s outcome.
While six councilors supported the resolution, two opposed it, citing concerns about Bitcoin mining’s environmental impact and potential usage in illicit operations. Councilor Pete Fry underlined the importance of legal clarity and expressed concerns about incorporating a non-legal tender into city processes.
Despite these concerns, the resolution orders city officials to create a full report by the first quarter of 2025 evaluating the feasibility, hazards, and benefits of Bitcoin adoption. This represents a significant turnaround in Vancouver’s stance on cryptocurrencies, especially given previous efforts to control Bitcoin ATMs.
As the city progresses, it encounters both possibilities and obstacles. Bitcoin advocates see it as a tool for combating financial instability, while others warn of environmental and legal risks. Vancouver’s daring move may establish a precedent for other cities considering similar methods.
