Vancouver Mayor Ken Sim has a plan. What? Quite clever, I must admit. The idea is to “diversify the city’s financial resources”. It sounds ambitious – in practice it is about purchasing bitcoins through the town hall!
Vancouver wants to buy bitcoins!
Ken Sim, who has served as Vancouver’s mayor since 2022, announced this week a plan to add bitcoin to the city’s reserve. The politician presented his idea at the city council meeting that took place on November 26. Today, the document is not yet available on the city’s website, but it was formally submitted during the meeting.
Was Sim inspired by Senator Cynthia Lummis? Let me remind you that a few months ago she proposed that the US government should start purchasing bitcoins and thus create a strategic cryptocurrency reserve. The project aims to repay at least part of the country’s public debt. The relevant bill was submitted to the US Senate. It’s possible that President-elect Donald Trump will help her implement this idea.
But let’s get back to Canada. The mayor of Vancouver is a member of the ABC Vancouver city party (formerly: A Better City), which accepts donations from its supporters in the form of cryptocurrencies. Sim said the move – accepting BTC – aims to “demonstrate (the party’s) commitment to the development of new technology.”
Apart from the above, Sim also keeps his own copy of the book in his office in the town hall The Bitcoin Standard by Saifedean Ammous. This can be seen in the recording of the interview for GlobalNews. This item concerns the Bitcoin phenomenon.
Will countries start buying BTC in 2025?
Something is happening that would have been difficult to predict just a few years ago. Countries and cities can start buying bitcoins. This investment is intended to help repay the debt of public institutions. Next year you will find out whether the US will create a bitcoin reserve. Currently, El Salvador buys cryptocurrencies, and Bhutan mines itself.
The idea of creating a special BTC reserve was proposed in Poland by Sławomir Mentzen, the Confederation’s candidate for president.
You can buy Bitcoin and other cryptocurrencies in a simple and safe way on the zondacrypto exchange.
