The proposed plan by Vancouver Mayor Ken Sim for the city’s “diversification of financial resources” suggested an investment in Bitcoin as a reserve asset.
Ken Sim, who has served as the mayor of Vancouver since 2022, announced plans for the Canadian city to add Bitcoin to its balance sheet as part of efforts to diversify its investments.
In a Nov. 26 Vancouver city council meeting, Mayor Sim submitted a notice of motion he intended to introduce on Dec. 11 titled “Preserving of the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city.” As of Nov. 27, the motion did not appear to be available on the city government’s website.
Vancouver Mayor Ken Sim addressing the city council on Nov. 26. Source: City of Vancouver
