Vancouver Mayor Advocates Bitcoin for City Strategy

[Suba]

Recently, Vancouver (Canada) Mayor Ken Sim proposed to council that, to maintain financial stability, the adoption and integration of Bitcoin into the city's financial strategy, particularly to prevent the decline of fiat currencies, is necessary. Ken Sim also stated that he has personally invested in Bitcoin, stating that he is serious about and strongly supports Bitcoin as a hedge fund for the city of Vancouver.

Although the city of Vancouver does not have a dedicated fund, the council approved investing a small portion of the city's Reserve Fund in Bitcoin.

 

[gwolf666]

This is an interesting move by Vancouver’s leadership. Using Bitcoin as part of a city’s financial strategy is still quite rare, and it shows a willingness to explore alternative assets beyond traditional fiat and bonds. Investing even a small portion of the Reserve Fund in Bitcoin could act as a hedge against inflation or currency depreciation, but it also carries volatility risk. Municipal funds usually prioritize stability, so the decision to allocate only a minor portion makes sense as a cautious first step. It will be important for Vancouver to establish clear risk management policies, ensure transparency for taxpayers, and consider how this aligns with long-term city budgeting. This decision could also influence other cities and local governments to explore crypto in some form, particularly in regions where fiat stability is a concern. Overall, it’s a bold and modern approach, but the key will be in balancing innovation with fiscal responsibility.