Nikolas Sargeant
Vancouver's city council has taken a bold step by officially approving a motion to explore becoming a Bitcoin-friendly municipality. The proposal, introduced by Mayor Ken Sim during a Tuesday council meeting, represents a groundbreaking approach to municipal financial management.
The motion's core objectives include comprehensively assessing the potential of accepting municipal taxes and fees in Bitcoin, as well as converting a portion of the city's financial reserves into the digital asset. Mayor Sim, a vocal cryptocurrency advocate, has described Bitcoin as "the greatest invention in human history" and believes this strategy could significantly enhance the city's financial resilience.
City staff have been commissioned to conduct a thorough evaluation of the risks and benefits associated with this bitcoin strategy. They are expected to present their comprehensive findings by the end of the first quarter of 2025, providing a detailed roadmap for potential implementation.
The proposal explicitly addresses concerns about traditional currency volatility, stating that "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."
MicroStrategy Acquires More Bitcoin
Paralleling Vancouver's municipal initiative, MicroStrategy has continued its aggressive Bitcoin accumulation strategy. The business intelligence company recently purchased 21,550 BTC for approximately $2.1 billion, acquired between December 2 and December 8 at an average price of $98,783 per Bitcoin.
This latest acquisition brings MicroStrategy's total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. The purchase marks the firm's fifth consecutive week of Bitcoin investments, demonstrating continued confidence in the cryptocurrency's potential.
The broader context of these developments includes growing institutional interest in Bitcoin, supported by a potentially crypto-friendly political environment following the recent re-election of U.S. President Donald Trump. Bitcoin's price has simultaneously seen a notable surge, increasing 4.44% in the past 24 hours to reach $100,791.
