Vancouver City Council Accepts Proposal For Bitcoin (BTC) Adoption

Vancouver City Council has approved a motion to evaluate integrating Bitcoin (BTC) into its municipal financial framework. The initiative, spearheaded by Mayor Ken Sim and endorsed by six councilors during Wednesday’s meeting, seeks to evaluate the feasibility of using BTC as a reserve asset and enabling it for payments.

The motion tasks the City of Vancouver staff with exploring the practicality of transforming the city into a “Bitcoin-friendly city.” The analysis, expected by the end of Q1 2025, will involve consultations with financial advisors, crypto experts, and community stakeholders.

Mayor Sim argued that adopting Bitcoin could help protect taxpayers by preserving the purchasing power of tax revenues. He emphasized that incorporating BTC into the city’s financial reserves and payment systems could safeguard public funds from inflation.

Sim also announced a $10,000 Bitcoin donation from his family to Vancouver to demonstrate his support, reinforcing his confidence in the cryptocurrency’s potential benefits.

BTC Adoption Proposal Faces Criticism

Vancouver’s proposal has been criticized by local experts and government officials, who cite Bitcoin’s price volatility. The Ministry of Housing and Municipal Affairs highlighted that current regulations under the Community Charter and the Vancouver Charter do not permit local governments to hold digital assets as financial reserves or accept cryptocurrency as payment for municipal services.

Similarly, Green Councilor Pete Fry, who opposed the motion, expressed concerns about the risk of facilitating illicit activities. Referring to Vancouver’s history with financial crimes, Fry stated:

“In the absence of any really specific acknowledgement of … the very serious issues around money laundering and the history in this city, I don’t think this is a step in the right direction.”

BTC Could Reach $1M

Vancouver’s move toward Bitcoin aligns with the global trend of its adoption, further boosted by Donald Trump’s presidential victory and his plans for a crypto-friendly regulatory environment. The growing momentum is also supported by figures like Eric Trump, executive vice president of The Trump Organization, who believes BTC could reach $1 million.

Globally, the shift is not isolated. Cities and regions such as Zug and Lugano in Switzerland, Seoul in South Korea, El Salvador, and parts of Pennsylvania and Africa are already exploring or implementing Bitcoin reserve strategies, further cementing the cryptocurrency’s role in the evolving financial landscape.