IATSE Local 728 has made history as the first private-sector labor union in the United States to invest in Bitcoin, and it has done so by holding the cryptocurrency in self-custody. This groundbreaking investment was met with overwhelming support from its 3,000 members and signifies a major step towards financial security for union workers.
Founded in 1939, IATSE Local 728 has been at the forefront of the entertainment industry, championing safety, technology, and training. Now, the union aims to leverage the potential of Bitcoin to ensure its members’ financial well-being. Treasurer Pascal Guillemard, alongside former Executive Board Member Jason Lord and Board Member David Graves, spearheaded this initiative with the help of Proof of Workforce, a nonprofit focused on educational outreach regarding Bitcoin for labor organizations.
In a statement, IATSE Local 728 declared, “Today, we make history as the first private-sector labor union in the country to put Bitcoin on our balance sheet and hold it in self-custody.” This move is not merely a financial strategy; it aligns with the union’s long-standing mission to secure the economic future of its members. The Bitcoin Advisory Board emphasized, “This isn’t a gamble. It’s a strategy. We are learning, building, and leading.” By adopting Bitcoin, the union is fighting against the inflationary pressures exerted by traditional financial systems and actively taking control of its assets.
The implications of this decision extend beyond the immediate membership of IATSE Local 728. The leadership views this investment as a catalyst for broader transformation within the labor movement. By asserting economic freedom through Bitcoin, they aim to set a new standard, motivating other unions to reconsider their financial strategies. “For too long, unions have played defense in a system rigged against workers. That ends now,” the union proclaimed. They envision a future where, equipped with Bitcoin, unions are not just negotiating for better contracts but are actively building prosperity for their members.
To facilitate this initiative, IATSE Local 728 will establish a standing committee tasked with exploring the long-term benefits of Bitcoin for its members and their families. This committee will work on integrating the union’s excitement about Bitcoin with the broader cryptocurrency ecosystem, highlighting that the relationship between labor and advanced financial technologies can be mutually beneficial. The union believes that educating its members about Bitcoin will empower them and ultimately reshape the current labor landscape.
Furthermore, this momentous decision follows the announcement by Dom Bei, the founder of Proof of Workforce, who is now campaigning for a position on the California Public Employees’ Retirement System board. His candidacy, supported by various endorsements, highlights the importance of integrating innovative financial strategies into public pension systems and showcases the growing recognition of Bitcoin’s potential in financial planning.
In conclusion, IATSE Local 728’s embrace of Bitcoin not only marks a transformative shift within the union but also sets a pioneering example for other private-sector unions across the nation. The movement towards adopting Bitcoin signals a proactive approach to achieving labor empowerment and securing economic stability for all union members.
