Vancouver, Canada, city personnel stated Bitcoin can not be kept in local reserves and advised that the city board drop a proposition to produce a Bitcoin reserve.
City personnel, led by Colin Knight, basic supervisor of the Financing and Supply Chain Management Department, “conclusively figured out” that Bitcoin (BTC) is not an “allowed financial investment” under the Vancouver Charter, according to a movements upgrade report dated Monday.
Personnel advised combining the movement with other associated efforts to reprioritize resources, with a decision pending a council vote at a conference slated for Tuesday.
The proposition to produce a Vancouver Bitcoin reserve was initially presented in late 2024 by Mayor Ken Sim as part of a movement entitled “Protecting the City’s Buying power Through Diversity of Financial Reserves– Ending Up Being a Bitcoin-Friendly City.”
The council passed the movement with 6 votes in favor and 2 opposed. Still, the most recent advancements might reject the proposition.
Bitcoin’s inflation hedge argument fades amidst bearish market
Presenting the proposition in 2024, Mayor Sim stated the movement was partially targeted at assisting the city hedge versus inflation utilizing Bitcoin, which has actually frequently been referred to as “digital gold” due to the fact that of its repaired supply topped at 21 million coins.
” As an open, decentralized, and protected digital property, Bitcoin has actually been acknowledged by lots of economists and experts as a possible hedge versus inflation and currency debasement,” the movement read.
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The argument that Bitcoin functions as an inflation hedge has actually compromised just recently as the cryptocurrency’s rate decreased dramatically. Bitcoin has actually fallen about 50% from its October 2025 peak of above $126,000, going back to late-2024 levels and briefly touching lows near $60,000.
Regardless of apprehension from some experts who argue Bitcoin does not act like digital gold, macroeconomists such as Lyn Alden stay bullish on the digital property relative to gold in the near term.
” If I needed to wager Bitcoin versus gold over the next 2 to 3 years, I would wager Bitcoin,” Alden stated on the New Age Financing podcast on Wednesday.
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