76: Mayor of Vancouver, Ken Sim ON: Will Vancouver Be the Next Bitcoin Hub?

Ken Sim is the mayor of Vancouver.In this episode, you're going to learn why Vancouver is considering adding Bitcoin to its balance sheet, how Ken's perspective on Bitcoin changed from skepticism to strong advocacy, why he believes Bitcoin is the most important invention in human history, how Bitcoin could protect cities and individuals from currency debasement, and what steps Vancouver is taking to become a Bitcoin-friendly city.Mayor Ken Sim has built a life in Vancouver with his wife Teena, their four sons, and their dogs Hank and Kona. Ken is a proud Vancouverite, having been born and raised in Vancouver. He is an accomplished entrepreneur and the co-founder of two successful Vancouver-based companies: Rosemary Rocksalt and Nurse Next Door.Professionally, Ken holds an FCPA (FCA) designation and has been a speaker at post-secondary institutions and conferences globally. Ken is a two-time recipient of the Ernst and Young Entrepreneur of the Year Award (Pacific Region) in the Emerging Entrepreneur category (2006) and Healthcare Services category (2016).Ken was sworn in as the 41st Mayor of Vancouver on November 7th, 2022. He has committed to delivering on the major issues facing Vancouver including affordability, public safety, and mental health and addictions – leading a City Hall that prioritizes inclusivity, collaboration, and Indigenous Reconciliation. During his tenure as Mayor, Ken wants to see Vancouver become a city that is once again vibrant, prosperous, fun, and open for business – with a renewed sense of swagger and optimism about the future.Timestamps:[00:00] Introduction[01:45] Vancouver’s plan to become a Bitcoin-friendly city[02:30] How Ken Sim first heard about Bitcoin in 2018–2019[03:10] His son asking to buy Bitcoin at age 13 and his strong initial reaction[04:05] Apologizing to his son and buying his first Bitcoin in 2020[05:30] Why Bitcoin is the greatest invention in human history[06:40] Bitcoin vs. money printing: fixing a centuries-old problem[07:55] The role of Bitcoin in preserving purchasing power[09:10] Why cities should think about Bitcoin as a savings tool[10:50] How Vancouver’s $3.2 billion cash reserve is losing value[12:20] Real estate prices in gold vs. fiat: the illusion of rising home prices[14:00] Addressing concerns about Bitcoin’s long-term viability[15:35] Bitcoin’s security: why it has never been hacked[17:10] The risks of holding only fiat currency[18:45] How much Bitcoin should a city hold?[20:20] Why Ken Sim believes 1–3% Bitcoin allocation is too low[22:15] The political risks of advocating for Bitcoin as a mayor[24:00] How Vancouver’s Bitcoin-friendly stance could attract businesses[25:45] Comparing Bitcoin to gold as a financial reserve[27:30] The importance of getting ahead before major institutions accumulate Bitcoin[29:50] Bitcoin’s role in stabilizing city budgets over the long term[31:15] The 3-stage process for Vancouver’s Bitcoin adoption[33:05] Step 1: Getting council approval to explore Bitcoin[35:00] Step 2: Staff report on Bitcoin feasibility for Vancouver[36:50] Step 3: Gaining approval from the provincial government[38:10] Why voter support is crucial for moving Bitcoin adoption forwardWant to start a podcast like this one? Book your free podcast planning call here.Follow Ken on X, LinkedIn and Instagram.Resources Mentioned:The Bitcoin Standard by Saifedean Ammous | Book or AudiobookToken Economy by Shermin Voshmgir | BookWhen Money Dies by Adam Fergusson | Book or AudiobookGradually, Then Suddenly by Parker Lewis | WebsiteMichael Saylor | WebsiteMicroStrategy | WebsiteJeff Booth | WebsiteFind More From Scott:Scott Dedels | XBlock Rewards | InstagramBlock Rewards | YouTubeBlock Rewards | TikTokBlock Rewards | WebsiteBlock Rewards | LinkedIn