Vancouver city council has officially approved a motion to explore becoming a Bitcoin-friendly city.
The motion, introduced by Mayor Ken Sim, was discussed and passed during a council meeting on Tuesday, marking a significant step toward integrating cryptocurrency into the city’s financial ecosystem.
The proposal includes assessing the feasibility of accepting taxes and fees in Bitcoin and converting a portion of Vancouver’s financial reserves into the digital asset.
Bitcoin Could Help Address Inflation Concerns
According to the motion, holding Bitcoin could help safeguard the city’s purchasing power against the volatility, inflation, and debasement of traditional currencies.
“Diversifying the City of Vancouver’s financial reserves and payment options to include Bitcoin would not only enhance the resilience of our City’s financial portfolio, it would ultimately benefit the city’s taxpayers,” the motion said.
City staff have been tasked with evaluating the potential risks and benefits of this bitcoin strategy and are expected to present their findings by the end of the first quarter of 2025.
Mayor Sim, a vocal advocate for cryptocurrency, has described Bitcoin as “the greatest invention in human history” during an interview with the Coin Stories podcast.
The council’s decision aligns with broader pro-crypto sentiment, bolstered by the recent re-election of U.S. President Donald Trump, whose stance is expected to favor crypto-friendly regulations.
Meanwhile, Bitcoin’s price surged 4.44% in the past 24 hours, reaching $100,791.
Sim first announced plans to diversify the city’s financial resources by adding Bitcoin to its balance sheet last month.
At the time, he submitted a notice of motion to explore the possibility of Bitcoin becoming a reserve asset for the city.
To advance this vision, Sim has requested a comprehensive report by the end of Q1 2025 to evaluate the feasibility and implications of adopting Bitcoin.
The study will assess potential risks, benefits, and practical aspects such as asset management, storage, and liquidation strategies.
It will also include consultations with stakeholders to build a robust framework for Bitcoin adoption.
MicroStrategy Acquires More Bitcoin
On Monday, MicroStrategy revealed that it has made another significant move in its Bitcoin accumulation strategy, purchasing 21,550 BTC for approximately $2.1 billion.
The acquisition, conducted between December 2 and December 8, was executed at an average price of $98,783 per Bitcoin.
With this latest purchase, the business intelligence giant now holds a total of 423,650 BTC, valued at around $42 billion.
The latest acquisition marks the firm’s fifth consecutive week of Bitcoin investments.
Just last week, MicroStrategy acquired 15,400 BTC for $1.5 billion at an average price of $95,976 per coin.
In a related development, the National Center for Public Policy Research, a Washington, D.C.-based think tank advocating for free-market principles, has called on Amazon to consider adopting a Bitcoin-focused corporate treasury strategy.
In its submission to Amazon, the think tank raised concerns over inflation’s impact on corporate reserves.
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