Vancouver staff say Bitcoin cannot be held in city reserves

City staff in Vancouver concluded that Bitcoin cannot be held in municipal reserves and recommended dropping a proposal to create a Bitcoin reserve. The finding, led by Colin Knight, general manager of the Finance and Supply Chain Management Department, said Bitcoin is not an "allowable investment" under the Vancouver Charter in a motions update report dated Monday.

Staff advised merging the motion with other related initiatives to reprioritize resources. A final decision remains pending a council vote at a meeting slated for Tuesday. The proposal was introduced in late 2024 by Mayor Ken Sim as part of a motion titled "Preserving the City’s Purchasing Power Through Diversification of Financial Reserves — Becoming a Bitcoin-Friendly City." The council originally passed the motion with six votes in favor and two opposed, but the latest developments may prevent the reserve from moving forward.

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