Vancouver’s Mayor Shares His Pro-Bitcoin Vision

Credit : bitcoinmagazine.com

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 in relation to Bitcoin.

And his efforts are beginning to bear fruit.

On December 11, 2024, the Vancouver City Council greenlit a motion 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 appear like in an ideal world, his personal journey down the proverbial Bitcoin rabbit gap and why Bitcoin can carry monetary hope to the residents of Vancouver at a time limit 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, if you happen to might wave a magic wand and allow no matter stage of Bitcoin adoption you see slot in Vancouver, what would that appear like?

I’ve bought to provide you a caveat right here. These are my very own private views. We now have a fairly unimaginable crew on the Metropolis of Vancouver, they usually’ve been tasked to discover. So, it isn’t as if I can actually affect the crew and inform them “It’s important 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 individuals 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 a variety of different jurisdictions, nonetheless hasn’t caught up, so each time you transact with bitcoin, there’s a capital positive aspects tax payment, which may 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 report 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 programs could be nice.

You spoke about this course of of teaching individuals about Bitcoin on Natalie Brunell’s present. You mentioned you “bathe them with love and then you definitely hit them with info.” Are you able to give an instance of what this appears like?

There’s a variety of resistance with Bitcoin, particularly because it pertains to its perceived results on the atmosphere. Folks 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 if you happen to drive organizations throughout the planet to do stuff that they are not incentivized to do, nothing’s going to occur. Whereas if you happen to incentivize them — if you happen to construct in a reward system — it’s wonderful.

So, what do we all know? Effectively, we flare pure gasoline 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 vitality sources, be it wind energy or solar energy, the place the economics usually do not pan out to construct these initiatives, 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 constructive 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 report the place you may see each single transaction because the starting of time and you may catch individuals on the on and off ramps.

Among the narratives are literally the exact opposite of actuality, and so we’ve to counter these narratives.

Based mostly on my expertise, it is easy to show somebody one thing, whereas it is so much tougher for individuals to unlearn, and we’re within the strategy of serving to individuals unlearn what they’ve discovered.

You’ve gotten referred to Bitcoin as the best invention in human historical past. May you develop on that?

Our cash is damaged. Folks cannot use it to retailer their vitality into the long run. We’re on this rinse and repeat cycle. In Ray Dalio’s guide The Altering World Order, he talks concerning 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. For those who agree with Dalio’s perspective, the purpose is that the cash’s damaged.

We do not need a reserve forex that is ever lasted. We preserve 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 is going to change how people work together with one another and the way nation states evolve.

You simply cited considered one of Ray Dalio’s books, and I’ve heard you focus on the way you’ve additionally learn books like The Bitcoin Commonplace and Layered Cash. You’re additionally a buddy of Jeff Sales space’s. With all of the studying you’ve achieved 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 need to purchase bitcoin.” And I used to be like, “You contact that shit, and I will 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 a variety of different individuals’s. I used to be utterly towards it after which I warmed as much as it and ultimately turned 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 method. 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 learn 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 provide you with an instance. We now have a small studio rental up in Whistler (a city north of Vancouver). After we purchased it, it might have value 17.2 bitcoin. That is about 4 years in the past. By way of {dollars}, the property is up 36%, however by way of bitcoin, it is down one thing like 85%. As of right now, 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 couple of theoretical, if this performs out the way it might. If sooner or later within the not so distant future, you can purchase a home in Vancouver for a bitcoin, what meaning is you may actually purchase a home for about US$106,000 or about CA$150,000 if you happen to purchased a bitcoin right now.

I am not telling individuals to take out a mortgage to purchase bitcoin — very removed from it. Go search monetary recommendation. However if you happen to 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 may result in your not getting re-elected. Have you ever ever thought of that the alternative is perhaps true, that perhaps by embracing Bitcoin the individuals of Vancouver will need to re-elect you?

I am not too involved about that. I’ve no want to be a premier or prime minister. I am not a politician, though I am sitting on this position, which I actually honor, worth and take very severely. However the objective was by no means to be in style. 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 really consider that this units town up for the following hundred years. Am I proper? We do not know, however we’ve a fairly good feeling, and I really 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 individuals 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, “ what? We caught to our values and we did what’s proper.” If it really works out, nice. I really assume it is going to work out, although.

It looks like a progressive metropolis like Vancouver — the primary metropolis in Canada to have a Bitcoin ATM — ought to be in favor of Bitcoin. Nonetheless, 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 observe it too intently on the time, so I do not know. I am unable to touch upon it. What I can touch upon is we do have a variety of politicians who will make coverage up primarily based on advantage signaling versus information. We’re an information pushed administration, and we care concerning the future prosperity of our metropolis.

I believe the excellence right here is we select to have probably the most affect — we’re extra involved concerning the steak than the sizzle. If somebody could make an argument on why it is a dangerous thought primarily based on information, we’ll hearken to it. We would have it mistaken, however I can let you know nobody has been in a position to assault our Bitcoin stance with information.

Bitcoin will be form of troublesome to make use of technically. So, as an instance, in an ideal world, perhaps Bitcoin turns into authorized tender in Vancouver sooner or later, or if there’s simply larger adoption of it, do you are concerned concerning the technical difficulties related to utilizing Bitcoin? Would the Vancouver metropolis authorities ever become involved 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 happening the academic rabbit gap. We’ll depart it as much as different consultants.

If the business makes Bitcoin less complicated to make use of, so many extra teams and people will simply hop on the bandwagon. And you recognize it is coming as a result of there are lots of people engaged on this proper now.

I am not an skilled, however once I, once I hear about a number of the issues which are taking place on Layer 2s and the Lightning Community, I see a future the place that is seamless. When individuals go right into a Walgreens they usually 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 realizing, and it is going to revolutionize the planet.

You’ve got achieved a handful of interviews on this subject to this point. 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 prefer to make a common name out and never only for town of Vancouver. It is for each single metropolis and province and state and jurisdiction and canton, and nation on the planet.

We now have to get the training on the market, which remains to be a tough problem. Some individuals within the media have made the remark that what we’re doing proper now could be extra advantage signaling, as a result of we’ve the hope of constructing this occur. That is incorrect, although.

We want Bitcoin supporters to start out pumping the true narrative of why bitcoin is a sound monetary asset. It is the perfect performing asset within the final 16 years on the planet. And we’re not merchants, so if you happen to’re not seeking to day commerce, the entire 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 individuals 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 need to get forward of it. We need to arrange town for the following 100 years, and that is why we’re prepared to take political threat to do that. However we want assist. So, in case your viewers might help us push that narrative with our provincial authorities and of their jurisdictions, as properly, that might be nice.

If individuals come onboard and see how bitcoin can cut back a number of the monetary stress of their lives, do you assume Vancouver transforms right into a pro-Bitcoin metropolis comparatively shortly?

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 had 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 necessary. The Metropolis of Vancouver exists in the identical circumstances as everybody else does. Whereas individuals cannot afford a house or they’re scuffling with groceries, we’ve a finances.

We now have to rent cops, firefighters, engineers, and we’re residing in an atmosphere the place our forex is getting debased and we will not enhance taxes at a price that retains up with that. We do not need to minimize providers, and so Bitcoin provides us hope the place we will repair our monetary state, our steadiness sheet.

And that may really assist us run this metropolis for the following hundred years. I believe when individuals perceive Bitcoin they usually begin to undertake it, they may have hope, as properly, as a result of they may understand their buying energy goes up, which is a superb factor.