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