Vancouver’s Mayor, Ken Sim, is a real Bitcoin fanatic who’s doing his half to get Vancouver’s metropolis council in addition to its residents to see what he sees on the subject of Bitcoin.
And his efforts are beginning to bear fruit.
On December 11, 2024, the Vancouver Metropolis Council greenlit a movement Mayor Sim ready to start out making Vancouver a extra Bitcoin-friendly metropolis.
The movement directs metropolis workers to discover the concepts of Vancouver establishing a strategic bitcoin reserve in addition to accepting taxes and metropolis charges in bitcoin.
In my dialog with Mayor Sim, we mentioned the passing of this movement in addition to a few of his deeper philosophical ideas about Bitcoin.
We additionally touched on what Bitcoin adoption in Vancouver would seem like in an ideal world, his personal journey down the proverbial Bitcoin rabbit gap and why Bitcoin can convey monetary hope to the residents of Vancouver at a cut-off date when many are struggling to make ends meet.
The Vancouver Metropolis Council not too long ago handed your movement to make Vancouver a extra Bitcoin-friendly metropolis.
On a private stage, although, should you might wave a magic wand and allow no matter stage of Bitcoin adoption you see slot in Vancouver, what would that seem like?
I’ve bought to provide you a caveat right here. These are my very own private views. We’ve got a fairly unimaginable group on the Metropolis of Vancouver, and so they’ve been tasked to discover. So, it is not as if I can actually affect the group and inform them “It’s a must to do that and that.”
In an ideal world, the very first thing we might do is add to a strategic reserve. The second factor could be permitting folks to transact with bitcoin with out triggering capital positive aspects tax occasions and to simply accept funds within the type of bitcoin. Tax regulation throughout not simply Canada, however within the U.S. and plenty of different jurisdictions, nonetheless hasn’t caught up, so each time you transact with bitcoin, there’s a capital positive aspects tax charge, which could be very cumbersome.
The third factor is that we begin the dialog and we bust the myths round narratives like Bitcoin is dangerous for the atmosphere. That is all hogwash, proper? Bitcoin is definitely going to assist us save the atmosphere.
Plus, it gives us with an immutable document and it really provides to a stage of transparency we have by no means seen within the historical past of humankind. Having that integrated into our methods could be nice.
You spoke about this course of of training folks about Bitcoin on Natalie Brunell’s present. You mentioned you “bathe them with love and then you definately hit them with info.” Are you able to give an instance of what this appears like?
There’s plenty of resistance with Bitcoin, particularly because it pertains to its perceived results on the atmosphere. Individuals hear this narrative that it is dangerous for the atmosphere, and it is like, “Effectively, wait a second…”
I am an environmentalist, and I do know that should you power organizations throughout the planet to do stuff that they are not incentivized to do, nothing’s going to occur. Whereas should you incentivize them — should you construct in a reward system — it’s wonderful.
So, what do we all know? Effectively, we flare pure fuel as a by-product of oil manufacturing, and if we really seize that and repurpose it for Bitcoin mining, it’s really good for the atmosphere. Similar with capturing methane that seeps from the bottom.
Additionally, with different or inexperienced power sources, be it wind energy or solar energy, the place the economics typically do not pan out to construct these tasks, you present somebody with a assured buyer within the type of Bitcoin miners, and the economics work and this stuff get constructed. So, it is web optimistic for the atmosphere.
There’s additionally this false narrative that nefarious issues occur with Bitcoin. That is rubbish, proper? Money is untraceable. With Bitcoin, we’re speaking about an immutable document the place you may see each single transaction for the reason that starting of time and you may catch folks on the on and off ramps.
Among the narratives are literally the exact opposite of actuality, and so we’ve to counter these narratives.
Primarily based on my expertise, it is easy to show somebody one thing, whereas it is quite a bit tougher for folks to unlearn, and we’re within the technique of serving to folks unlearn what they’ve realized.
You’ve referred to Bitcoin as the best invention in human historical past. May you broaden on that?
Our cash is damaged. Individuals cannot use it to retailer their power into the long run. We’re on this rinse and repeat cycle. In Ray Dalio’s e-book The Altering World Order, he talks in regards to the rise and fall of the Dutch empire, the rise and fall of the British empire, the rise and, as he places it, fall of the U.S. empire. Should you agree with Dalio’s perspective, the purpose is that the cash’s damaged.
We do not need a reserve foreign money that is ever lasted. We maintain repeating historical past. However Bitcoin adjustments all that. As everyone knows, you may’t mess with it, and you may’t manipulate it. It is a game-changer and after we lastly get onto the bitcoin normal — I believe it is a matter of when, not if — it should change how people work together with one another and the way nation states evolve.
You simply cited certainly one of Ray Dalio’s books, and I’ve heard you talk about the way you’ve additionally learn books like The Bitcoin Commonplace and Layered Cash. You’re additionally a pal of Jeff Sales space’s. With all of the studying you’ve carried out and the conversations you’ve had with Jeff, did you find yourself having a lightbulb second with Bitcoin or was it extra of a gradual studying course of?
Effectively, I had the alternative of the lightbulb second when my son Mitchell got here as much as me and mentioned “Dad, I wish to purchase bitcoin.” And I used to be like, “You contact that shit, and I’ll punch you within the throat.” Clearly, I wasn’t going to do this.
Then, I began seeing extra of it and had conversations with Jeff. So, I began to look into it, learn a bunch about it and went to a few conferences. My journey was similar to plenty of different folks’s. I used to be utterly in opposition to it after which I warmed as much as it and finally grew to become an evangelist.
I am unable to level to anybody level the place it was like, “Wow, there you go” and I went 180 levels the opposite manner. I do bear in mind although, I made my first $500 buy of bitcoin on November the 14th, 2020. The rationale it took me so lengthy was I needed to discover ways to use the app on which I purchased the bitcoin. It was all clunky — only a ache within the butt.
However I do not forget that day, as a result of once I lastly purchased it I assumed, “Did I miss out?” I believe I purchased it at like 16 or 17 grand and it had run from like seven or eight grand the month earlier than. I used to be like, “Did I miss it?” I bear in mind Jeff saying, “No, you’re nonetheless tremendous early; we’re all nonetheless tremendous early.”
You’ve talked about how unaffordable housing in Vancouver is. Does bitcoin repair this?
Sure. Let me offer you an instance. We’ve got a small studio rental up in Whistler (a city north of Vancouver). Once we purchased it, it might have price 17.2 bitcoin. That is about 4 years in the past. By way of {dollars}, the property is up 36%, however when it comes to bitcoin, it is down one thing like 85%. As of at the moment, it prices like 3.3 bitcoin to purchase it.
By the way in which, I am not giving funding recommendation. I am simply speaking a few theoretical, if this performs out the way it might. If in some unspecified time in the future within the not so distant future, you’ll purchase a home in Vancouver for a bitcoin, what which means is you may actually purchase a home for about US$106,000 or about CA$150,000 should you purchased a bitcoin at the moment.
I am not telling folks to take out a mortgage to purchase bitcoin — very removed from it. Go search monetary recommendation. However should you consider bitcoin’s value will proceed to understand, you may actually purchase a home for CA$150,000 within the close to future by shopping for a bitcoin proper now.
You’ve got introduced Bitcoin, a taboo topic, into the fold as Mayor of Vancouver, and also you’ve mentioned that doing so would possibly result in your not getting re-elected. Have you ever ever thought of that the alternative is perhaps true, that possibly by embracing Bitcoin the folks of Vancouver will wish to re-elect you?
I am not too involved about that. I’ve no need to be a premier or prime minister. I am not a politician, regardless that I am sitting on this function, which I actually honor, worth and take very severely. However the objective was by no means to be well-liked. The objective was by no means to get re-elected. The objective was to do what I believed is true for the way forward for the Metropolis of Vancouver.
And so I could not sit again any longer and ignore this as a result of I actually consider that this units the town up for the subsequent hundred years. Am I proper? We do not know, however we’ve a fairly good feeling, and I actually consider in it.
I believe voters, residents — it does not matter what facet of the political spectrum you sit on — are sick of politicians who do stuff simply to get re-elected. They need folks to do what they consider is true, and I consider that is proper. If we do not get re-elected due to it, I can personally maintain my head up excessive and say, “You understand what? We caught to our values and we did what’s proper.” If it really works out, nice. I really assume it should work out, although.
It looks as if a progressive metropolis like Vancouver — the primary metropolis in Canada to have a Bitcoin ATM — ought to be in favor of Bitcoin. Nevertheless, the earlier mayor tried to ban Bitcoin ATMs within the metropolis. Was there a response from the Vancouver group when the mayor did this?
I did not comply with it too carefully on the time, so I do not know. I am unable to touch upon it. What I can touch upon is we do have plenty of politicians who will make coverage up based mostly on advantage signaling versus information. We’re an information pushed administration, and we care in regards to the future prosperity of our metropolis.
I believe the excellence right here is we select to have essentially the most impression — we’re extra involved in regards to the steak than the sizzle. If somebody could make an argument on why this can be a dangerous concept based mostly on information, we’ll take heed to it. We would have it improper, however I can inform you nobody has been in a position to assault our Bitcoin stance with information.
Bitcoin may be type of troublesome to make use of technically. So, as an example, in an ideal world, possibly Bitcoin turns into authorized tender in Vancouver in some unspecified time in the future, or if there’s simply larger adoption of it, do you are worried in regards to the technical difficulties related to utilizing Bitcoin? Would the Vancouver metropolis authorities ever get entangled in educating its Vancouver residents about Bitcoin?
It is not one of many core providers we offer as a metropolis, so I do not see us taking place the tutorial rabbit gap. We’ll go away it as much as different specialists.
If the trade makes Bitcoin easier to make use of, so many extra teams and people will simply hop on the bandwagon. And you realize it is coming as a result of there are lots of people engaged on this proper now.
I am not an professional, however once I, once I hear about a few of the issues which are taking place on Layer 2s and the Lightning Community, I see a future the place that is seamless. When folks go right into a Walgreens and so they purchase a sweet bar, they received’t take into consideration how they’re paying with Bitcoin. All of the plumbing beneath will occur with out them understanding, and it should revolutionize the planet.
You’ve got carried out a handful of interviews on this matter up to now. Is there something that we within the media haven’t requested you but that you just’d like to debate or level out?
Sure, I’d wish to make a normal name out and never only for the town of Vancouver. It is for each single metropolis and province and state and jurisdiction and canton, and nation on the planet.
We’ve got to get the schooling on the market, which remains to be a tough problem. Some folks within the media have made the remark that what we’re doing proper now’s extra advantage signaling, as a result of we’ve the hope of constructing this occur. That is incorrect, although.
We’d like Bitcoin supporters to start out pumping the true narrative of why bitcoin is a sound monetary asset. It is the most effective performing asset within the final 16 years on the planet. And we’re not merchants, so should you’re not trying to day commerce, all the volatility does not matter.
We have to begin getting that narrative out, however not from me, from the group. We have to let our elected officers know this as a result of they don’t seem to be going to do something till folks hit them with information and inform our flesh pressers that they need this.
We’re doing this as a result of we consider in it. We wish to get forward of it. We wish to arrange the town for the subsequent 100 years, and that is why we’re prepared to take political threat to do that. However we’d like assist. So, in case your viewers may help us push that narrative with our provincial authorities and of their jurisdictions, as properly, that will be nice.
If folks come onboard and see how bitcoin can cut back a few of the monetary stress of their lives, do you assume Vancouver transforms right into a pro-Bitcoin metropolis comparatively rapidly?
Sure.
I’m going again to my sister-in-law, who if she watches the video she’s gonna punch me within the face. About 13 years in the past, she was afraid of getting an iPhone. She did not perceive the know-how. It was a psychological block.
Then, she jumped on the bandwagon like everybody else, as a result of all her buddies had iPhones. It is ridiculous now to assume that individuals have been afraid of iPhones, proper?
Will Bitcoin give us hope? Completely.
I’m going again to the Metropolis of Vancouver and why that is so vital. The Metropolis of Vancouver exists in the identical circumstances as everybody else does. Whereas folks cannot afford a house or they’re fighting groceries, we’ve a price range.
We’ve got to rent law enforcement officials, firefighters, engineers, and we’re residing in an atmosphere the place our foreign money is getting debased and we won’t enhance taxes at a price that retains up with that. We do not wish to reduce providers, and so Bitcoin provides us hope the place we are able to repair our monetary state, our steadiness sheet.
And that can really assist us run this metropolis for the subsequent hundred years. I believe when folks perceive Bitcoin and so they begin to undertake it, they may have hope, as properly, as a result of they may notice their buying energy goes up, which is a superb factor.
