IATSE Local 728 Makes History by Investing in Bitcoin

IATSE Local 728, a 3,000-member chapter of The International Alliance of Theatrical Stage Employees, has made history by purchasing its first Bitcoin investment. This initiative was overwhelmingly approved by its members and executed with help from Proof of Workforce, a nonprofit focused on educating unions about Bitcoin.

> JUST IN: IATSE Local 728 adds Bitcoin to the balance sheet, potentially becoming the first private sector union in the U.S. to hold Bitcoin!

Local 728 is part of the 170,000+ union representing the entertainment industry.

IATSE Local 728 has long championed service, strength, and solidarity, viewing its Bitcoin investment as a way to enhance the financial security of 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,” stated the union. The initiative was spearheaded by Treasurer Pascal Guillemard and other board members.

The union’s Bitcoin Advisory Board emphasized their commitment to innovation, stating, “We are bringing that same innovation to finance. As the first private-sector labor union to hold Bitcoin, we are taking a stand for financial security and labor empowerment.”

The union further elaborated that Bitcoin protects the value of their labor and is a strategic move towards a decentralized financial network, contrasting with traditional financial institutions that devalue workers’ wages.

IATSE Local 728 views this investment as a step towards transforming the labor movement. “For too long, unions have played defense against a system rigged against workers. That ends now,” they stated.

A new standing committee will be established to explore Bitcoin’s potential for providing long-term security for members and their families, while integrating support into the Bitcoin network.

Proof of Workforce commended IATSE 728 for its leadership, affirming the union’s efforts to responsibly adopt Bitcoin as an innovative financial strategy. “It’s now Lights, Camera, Bitcoin!” said their statement.

As the first private-sector union to do this, IATSE Local 728 is paving the way for other unions in the country.

In related news, Dom Bei, founder of Proof of Workforce, announced his candidacy for the California Public Employees’ Retirement System (CalPERS) Board of Trustees, emphasizing his commitment to championing workers’ rights.

> I’ve dedicated over a decade to championing workers! Now, I’m running for CalPERS Board to protect our nation’s largest public pension, serving over 2 million participants!

This article first appeared on Bitcoin Magazine, written by Nik.