Vancouver Considers Bitcoin-Friendly Approach

Canadian city Vancouver officially approved a motion to explore becoming a bitcoin-friendly city during a council meeting on Tuesday.

The motion, submitted by Mayor Ken Sim last month, proposed integrating bitcoin into Vancouver’s financial strategies. This includes accepting taxes and fees in bitcoin and converting part of the city’s financial reserves into the currency.

The motion highlighted that holding a portion of financial reserves in bitcoin would help protect Vancouver’s purchasing power against instability, debasement, and inflationary pressures faced by traditional currencies.

> “Diversifying the City of Vancouver's financial reserves and payment options to include Bitcoin would not only enhance the resilience of our City’s financial portfolio, it would ultimately benefit the city’s taxpayers,” the motion stated.

Additionally, the motion instructed city staff to evaluate and provide a report back to the council by the end of Q1 2025 concerning the feasibility, risks, and potential advantages of the bitcoin strategy.

Mayor Sim has previously described bitcoin as “the greatest invention in human history” during a video interview with the Coin Stories podcast.

Vancouver's city council's approval of the bitcoin strategy follows pro-crypto candidate Donald Trump’s reelection as U.S. President, which has generated optimism in crypto markets regarding potential more favorable regulations.

As of 8 p.m. EST, the price of bitcoin experienced a 4.44% increase over the past 24 hours, reaching six-figure prices at $100,791.