Ken Sim’s vision of a crypto-forward Vancouver hits a wall after byelection losses challenge the city’s future as a Bitcoin-friendly hub.
Vancouver Mayor Ken Sim has long envisioned transforming the city into a crypto innovation hub. But a recent byelection result may signal a growing divide between that vision and public sentiment.
On March 27, fresh off a speaking engagement at Coinbase’s “Stand With Crypto” event, Sim privately admitted that his push for Vancouver to embrace Bitcoin wasn’t exactly winning over voters. “It’s not an election winner,” he conceded—a prediction that came true days later when both ABC-party candidates he backed, Ralph Kaisers and Jamie Stein, placed sixth and seventh in a field of thirteen.
“A Hill Worth Dying On”: Sim’s Bitcoin Belief Runs Deep
Despite the setback, Sim has not wavered. Seated in Dapper Labs’ headquarters—a symbol of Vancouver’s Web3 momentum—the mayor called Bitcoin “a hill worth dying on.” He argues that political leadership is most needed when the path forward is complex and unpopular.
Sim is not only ideologically aligned with crypto but financially invested in it. His disclosure lists ownership of Bitcoin and shares in Coinbase, and he’s pledged $10,000 in Bitcoin to the city if it adopts crypto into its financial system.
Facing Resistance from the Province and Council
Sim’s December 2024 motion to explore the feasibility of using Bitcoin in city operations has faced friction. Provincial regulations currently prohibit municipalities from holding financial reserves in cryptocurrency. Moreover, opposition within city council, including environmental concerns and money laundering risks, further complicates adoption.
Notably, the two new councillors elected in the April 5 byelection—COPE’s Sean Orr and OneCity’s Lucy Maloney—ran on platforms critical of Sim’s administration, casting further doubt on the viability of crypto initiatives under his leadership.
Beyond Vancouver: Global Cities Grapple With Crypto Integration
Sim’s motion aligns Vancouver with cities like Zug, Switzerland—nicknamed “Crypto Valley”—and Seoul, South Korea, which have embraced blockchain and digital currencies. However, cautionary tales exist. El Salvador, once a global crypto pioneer, rolled back its Bitcoin-as-legal-tender policy in 2025 amid tepid adoption and IMF pressure.
Even in Vancouver, the city’s own motion hasn’t yielded a report by the first-quarter deadline. Sim expects it in May. The findings could determine whether the city will explore options like accepting Bitcoin payments for services, investing via ETFs, or mining the currency directly.
Innovative Ideas or Risky Experiments?
Proponents like UBC professor Jarrett Vaughan are proposing novel integrations—such as using heat from Bitcoin miners to warm city pools. Yet critics remain skeptical. Councillors have voiced concerns about energy consumption and the potential use of crypto for illicit activities.
“There’s a lot of concern around the use of electricity,” said former councillor Adriane Carr, while Pete Fry questioned the implications of legitimizing a tool associated with financial crime.
A Race Against Time—and Political Will
Mayor Sim warns that Vancouver has a six-month window to act before the global crypto wave moves on. With only 21 million Bitcoins ever to exist—and most already mined—he frames the opportunity as fleeting but transformative.
Whether through direct mining or ETFs, Sim wants Vancouver to claim a leadership position. He believes the move could insulate the city against inflation and elevate its status on the global stage. But he also acknowledges that time, policy, and public support are running short.
Looking Ahead: Political Gamble or Financial Legacy?
With his ABC majority intact—but no longer uncontested—Sim faces an uphill battle. He knows that even some of his own councillors are cautious. Still, he presses on, organizing educational sessions with crypto experts and encouraging dialogue.
“If we get Bitcoin on the balance sheet and it does what it potentially can do, we could set the city up for the next 100 years,” Sim said.
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