Vancouver Mayor Calls Bitcoin the Greatest Invention: Report

The city of Vancouver is gearing up to integrate Bitcoin into its financial reserves, buoyed by the cryptocurrency’s historical breakthrough past $100,000. In an interview on Wednesday, Vancouver Mayor Ken Sim made a bold statement, acknowledging Bitcoin as the “greatest invention in human history.” He admitted that he has been “orange-pilled”, indicating his solid dedication to the asset.

Mayor Sim will present a motion titled “Preserving of the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City” to the council on December 11. The motion proposes to diversify Vancouver’s financial reserve by incorporating Bitcoin and transforming Vancouver into a Bitcoin-friendly city. Sim stated,

The motion we’re filing doesn’t necessarily say put Bitcoin on the balance sheet. It talks about exploring how we can incorporate Bitcoin into the City of Vancouver but as we all know, it could be a great idea. I’ll just leave it at that.

The Mayor’s Bitcoin proposal posits that integrating the crypto asset into reserves could be a pro-innovation agenda. This means that the move could protect the city’s purchasing power against the volatility and inflationary pressures of the traditional fiat system. Thus, through a diversified investment strategy, Vancouver envisions safeguarding its future finances and maintaining economic stability.

Considering Vancouver’s crypto-friendly position and Mayor Kim’s major hold in the city council, the proposal will likely be approved. If approved, the officials will be directed to analyze the feasibility of the motion, allowing residents to pay taxes in Bitcoin.

Further, Sim expressed his optimism for the Bitcoin integration, asserting it has far-reaching benefits. He said, “I actually have hope for not just the residents of Vancouver, I have hope for the world.” He added that the move could help tackle environmental challenges, empower individuals, and bring economic prosperity. The proposal also ensures environmental benefits as Bitcoin mining uses excess energy from stranded renewables and waste methane.