Briefly: Ken Sim holds shares in crypto companies and wants to make Vancouver a “Bitcoin friendly” city.
Bob Mackin
Vancouver’s mayor wants to make the city “Bitcoin friendly.”
Near the end of the Nov. 26 city council meeting, when members gave notice of motions they will table at the Dec. 11 committee meeting, Mayor Ken Sim was last to speak:
“For a motion titled: Preserving of the City’s Purchasing Power Through Diversification of Financial Resources, Becoming a Bitcoin Friendly City.”
Details will come when the agenda for Dec. 11 is published.
But, can Sim table the motion?
His 2024 Statement of Disclosure, required under the Financial Information Act, lists three cryptocurrency corporations among his assets.
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Purpose Bitcoin ETF, which markets itself as the “world’s first Bitcoin exchange traded fund”;
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The Coinbase Global cryptocurrency exchange platform; and
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Bitcoin miner MGT Capital.
Under the Vancouver Charter (Section 145.2), a member must not participate in a discussion or vote on a matter if one has a direct or pecuniary interest in the matter or another interest in the matter that constitutes a conflict of interest.
Earlier on Nov. 26, Bitcoin investors were disappointed when it fell shy of the US$100,000 mark and slipped below US$92,000. It appeared to be the end of a rally that began with Donald Trump’s Nov. 5 election as the 47th U.S. president.
In Canadian dollars, the price was $130,000 on Nov. 26.
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