IATSE Local 728 Pioneers as First Private-Sector Union to Embrace Bitcoin Investment

Bitcoin Magazine

IATSE Local 728 Becomes First Private-Sector Union to Invest in Bitcoin

IATSE Local 728, representing approximately 3,000 members of The International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts across the United States, its territories, and Canada, has made a groundbreaking move by acquiring its inaugural Bitcoin investment, as announced in a press release to Bitcoin Magazine. This decision, which received significant support from its members, was carried out with the help of Proof of Workforce, a nonprofit organization committed to facilitating the educational integration of Bitcoin within union frameworks.

IATSE Local 728 has expressed a long-standing commitment to service, unity, and resilience. Their decision to invest in Bitcoin reflects their mission to advocate for the financial well-being of their members. “We are making history today as the first private-sector labor union in the nation to add Bitcoin to our balance sheet and manage it in self-custody,” announced the union. This significant endeavor was spearheaded by IATSE Local 728 Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, with collaborative efforts from Proof of Workforce founder Dom Bei.

Bitcoin Advisory Board stated. “Being the first private-sector labor union in the country to incorporate Bitcoin into its balance sheet and retain self-custody marks a pivotal step towards financial empowerment and security for our members.”

Bitcoin is not merely a financial asset; it represents the most secure and decentralized financial network available globally, free from manipulation and inflationary pressures. In a world where governments incessantly print money and financial institutions erode workers’ wages, we are asserting control. This isn’t a gamble; it’s a comprehensive strategy. We are actively learning, developing, and leading the way,” the union added.

Beyond benefiting its own members, IATSE Local 728 envisions this move as a transformative force within the labor movement at large. “For far too long, unions have merely defended against a system that is rigged against workers. This changes now. With Bitcoin, we aren’t just negotiating contracts; we are pursuing economic liberation. We’re not only setting a precedent—we’re taking decisive action. We’re proving that unions do not merely contend for present needs; they are focused on laying foundations for a sustainable future.”

In addition to maintaining Bitcoin on its balance sheet, a dedicated committee will be created to explore how Bitcoin can provide lasting security and benefits for the families of IATSE 728 members. This committee will also assist in integrating the union’s support into the broader Bitcoin ecosystem.

Proof of Workforce commended IATSE 728’s proactive leadership in adopting Bitcoin as a vital financial reserve, stating, “At Proof of Workforce, we recognize that every organization has a person who understands the remarkable potential of Bitcoin. Our objective is to equip that individual with tools to foster education-centric and responsible adoption within their organization. IATSE Local 728 epitomizes the Proof of Work that goes into creating some of the finest entertainment worldwide. Their members tirelessly work in the realms of motion picture and television lighting and are committed to maintaining the industry’s highest standards. They are now embarking on a journey to explore an innovative network that aligns perfectly with the values and work ethic of its members. It’s officially Lights, Camera, Bitcoin!”

As the pioneering private-sector union to incorporate Bitcoin into its financial framework, IATSE Local 728 is paving the way for other private-sector unions throughout the nation to follow suit.

Recently, Dom Bei announced he is campaigning for a position on the board of the California Public Employees’ Retirement System (CalPERS), launching his initiative with robust endorsements, including support from California legislators and Vancouver Mayor Ken Sim.

This article IATSE Local 728 Becomes First Private-Sector Union to Invest in Bitcoin originally appeared on Bitcoin Magazine and was authored by Nik.

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