Vancouver Mayor Ken Sim has called for the city council to explore integrating Bitcoin into municipal financial strategies, arguing that the cryptocurrency can help preserve purchasing power amid inflation. In a council meeting, Sim presented a motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City,” citing Bitcoin’s 16-year track record as a potential safeguard against inflation and currency devaluation. He emphasized the negative impacts of inflation on the city's finances and proposed diversifying financial reserves to include Bitcoin, alongside accepting taxes and fees in the cryptocurrency. This initiative reflects Sim's support for cryptocurrency adoption, highlighted by his acceptance of crypto donations during his 2022 mayoral campaign. He pointed to global examples where Bitcoin adoption has benefitted various governments. The mayor has requested a report by the end of Q1 2025 detailing the feasibility, risks, and benefits of such adoption in Vancouver.

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