Vancouver City Council has approved a motion to explore integrating Bitcoin into its municipal financial operations, including its use as a reserve asset and for payment of services. The proposal, championed by Mayor Ken Sim, passed with six councilors in favor during Wednesday’s meeting.

Sim, a Bitcoin advocate and Coinbase shareholder, highlighted Bitcoin’s potential to hedge against inflation. To demonstrate his support, Sim announced a $10,000 Bitcoin donation to the city. “We totally believe in the benefits of this and we’re putting our money where our mouth is,” he said.

City staff will analyze the feasibility and deliver a report by Q1 2025, considering financial, regulatory, and operational risks. This decision aligns with growing global interest in Bitcoin adoption, following similar discussions in jurisdictions like Switzerland and amid increasing support from political leaders, including U.S. President-elect Donald Trump.

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