The recommendation came during a review of council plans. Officials looked at 181 plans made between 2018 and 2025. 103 are already finished, while the remaining 78, including the Bitcoin plan, are now being checked to decide if they should continue or be stopped
How the Bitcoin Reserve Plan Started?
The proposal “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves – Becoming A Bitcoin Friendly City,” was introduced by Vancouver mayor Ken Sim in November 2024.
Sim said that Bitcoin could help protect the city’s purchasing power over time. The plan asked city staff to study whether Vancouver could accept payments in Bitcoin and whether a small portion of the city’s financial reserves could be converted into the cryptocurrency.
The city council approved the plan in December 2024 and asked city staff to give an update by early 2025. However, no public report was shared until earlier this week.
Bitcoin’s Price Volatility Ends Vancouver’s Crypto Plan
When Ken Sim made this proposal in December 2024, Bitcoin had just crossed $100,000 for the first time.
Now the BTC price has fallen to around $71,000. City staff in Vancouver say Bitcoin does not qualify as an “allowed investment.”
With staff now recommending that the plan be closed, Vancouver’s plan to become a Bitcoin-friendly city may soon end.
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FAQs
City staff advised canceling the plan because local law does not classify Bitcoin as an allowable investment for public funds.
No. Under the Vancouver Charter, the city can only invest in approved assets, and Bitcoin is not currently on that list.
It’s possible if laws change or Bitcoin becomes an approved asset, allowing the city to legally invest or accept crypto payments.
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