Amid the skyrocketing value of the cryptocurrency, Vancouver Mayor Ken Sim has proposed a motion for the city to adopt Bitcoin as a reserve asset. Indeed, Sim forwarded the proposal to preserve “the city’s purchasing power through diversification of financial resources” for the motion titled “Becoming a Bitcoin-Friendly City.”

The motion suggests that Vancouver could soon look to invest in BTC as a reserve asset. The British Columbian city is not the first to discuss the idea. Indeed, with Donald Trump elected to once again be President of the United States, there are expectations that he could implement a similar idea for the entire country.

Also Read: Brazil Congressman Proposes Creating National Bitcoin Reserve

Vancouver Looking to Become “Bitcoin Friendly City” In Recent Proposal

November 2024 has proven to be a monumental month in the history of Bitcoin. The asset has seen its value skyrocket alongside the election of Donald Trump. In the last week, it has surpassed the $99,000 mark for the first time in its history. Now, experts are predicting it to eventually surpass $100,000 in the coming months.

That success has driven a mad dash for exposure to the asset class, with BTC in particular. The latest to signal a shift to the digital asset is Vancouver, with its mayor proposing a motion to adopt Bitcoin as a reserve asset. Indeed, Ken Sim recently proposed the idea of what would be a massive shift for the prominent Canadian city.

Canada Implements Rules Governing Crypto Assets in Financial Institutions
Source: Nomadic Matt

Also Read: Trump’s Crypto Council Expected to Set Up Bitcoin Reserve Plan

The motion was submitted and is intended to be introduced in early December. Although it has yet to appear on the city’s website, its purpose has been reported to establish Bitcoin as a reserve asset. The move is one of many similar motions that have been introduced across the world this year.

Sim has proven to be a pro-crypto official throughout his tenure. Specifically, when running to maintain the position he has held since 2022, Sim accepted crypto donations. Indeed, he noted that the decision was made to showcase the party’s “commitment to technology.” That would continue if the city adopted the proposal to create its own BTC reserve.

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