IATSE Local 728 Becomes First Private-Sector Union to Invest in Bitcoin
IATSE Local 728 Becomes First Private-Sector Union to Invest in Bitcoin
IATSE Local 728, a 3,000-member chapter of The International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United States, Its Territories and Canada, has made history by purchasing its first Bitcoin investment, according to a press release sent to Bitcoin Magazine. This initiative, approved by an overwhelming majority of its membership, was executed with the assistance of Proof of Workforce, a nonprofit dedicated to helping unions adopt Bitcoin through education-based initiatives.
IATSE Local 728 said it has long championed service, strength, and solidarity, and its decision to invest in Bitcoin aligns with its mission to fight for financial security for its members. 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, the union stated. The effort was led by IATSE Local 728 Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, in collaboration with Proof of Workforce founder Dom Bei.
IATSE Local 728 has led the entertainment industry in safety, technology, and training since 1939. Our members have been the proof of work behind the greatest productions in historynow, were bringing that same innovation to finance, stated the IATSE Local 728 Bitcoin Advisory Board. As the first private-sector labor union in the country to put Bitcoin on its balance sheet and hold it in self-custody, we are taking a stand for financial security and labor empowerment.
This is about protecting the value of our members labor. Bitcoin isnt just an asset, its the most secure, decentralized financial network in the world, immune to manipulation and inflation. While governments print money and financial institutions strip workers of their wages, we are taking control. This isnt a gamble. Its a strategy. We are learning, building, and leading, the union continued.
Beyond its own membership, IATSE Local 728 sees this move as a catalyst for a broader transformation within the labor movement. For too long, unions have played defense in a system rigged against workers. That ends now. With Bitcoin, we arent just negotiating contracts, we are securing economic freedom. We are setting the standard. We are taking action. We are proving that unions dont just fight for today, they build for the future.
In addition to holding bitcoin on the balance sheet, a standing committee will be established to explore ways Bitcoin can provide long-term security for IATSE 728 members and their families. The committee will also help integrate the unions support into the Bitcoin network.
Proof of Workforce praised IATSE 728s leadership in adopting Bitcoin as a reserve asset, stating, At Proof of Workforce, we understand that within every organization, exists someone who has discovered the true potential of Bitcoin. Our mission is to provide that person with the tools to introduce education-based and responsible adoption to their organization. IATSE Local 728 is a representation of the Proof of Work behind some of the best entertainment in the world. Their members work incredibly hard in motion picture and television lighting, ensuring the highest standards in the industry. They now have begun to explore an innovative network, aligned with the values and proof of work exhibited by its members. Its now Lights, Camera, Bitcoin!
As the first private-sector union to integrate Bitcoin into its financial strategy, IATSE Local 728 is setting a precedent that could inspire other private-sector unions across the country to follow suit.
Yesterday, Dom Bei announced hes running for a a seat on the board of the California Public Employees Retirement System (CalPERS). Bei launched his campaign with massive endorsements, including California legislators and the city of Vancouver Mayor Ken Sim.
This post IATSE Local 728 Becomes First Private-Sector Union to Invest in Bitcoin first appeared on Bitcoin Magazine and is written by Nik.
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