Vancouver Plans to Add Bitcoin to City Reserves, Joining Global Momentum

The idea of Bitcoin as a strategic reserve asset, once championed by Donald Trump, is gaining traction in various countries and cities.

Vancouver, Canada’s third-largest city, is the latest to explore this concept.

Ken Sim, the mayor of Vancouver, has proposed a motion to include Bitcoin in the city’s financial reserves as part of a broader effort to diversify its investment portfolio and position the city as Bitcoin-friendly.

The motion, titled “Preserving the purchasing power of the city through diversification of financial resources: Becoming a Bitcoin-friendly city,” will be presented to the city council on December 11.

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This move follows recent discussions in other parts of the world. In Brazil, Congressman Eros Biondini has introduced legislation to establish a national Bitcoin reserve, known as RESBit, which could transform the nation’s approach to digital assets. In the U.S., the debate continues at the state level.

A Texas lawmaker is reportedly preparing to introduce legislation on strategic Bitcoin reserves, while Pennsylvania has already proposed a bill to allocate 10% of the state treasury’s balance sheet to Bitcoin as a hedge against inflation.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.