The Santa Monica firefighters union in California has determined to spend money on and self-custody the world’s largest cryptocurrency, Bitcoin BTC/USD.
What Occurred: With 113 members making up the union, the choice got here after a one-time evaluation to discover Bitcoin’s potential.
Dom Bei, a firefighter and Bitcoin supporter, advised Anthony Pompliano, in a podcast that the funding wasn’t nearly treating Bitcoin as an asset but additionally about viewing it as a “community, innovation, and financial instrument”.
The choice to speculate was not taken evenly, and an extended course of ensued. Union member and firefighter, Bei, had been first uncovered to Bitcoin in 2011.
Nevertheless, it wasn’t till a rescue of an injured particular person from the Bitcoin neighborhood that he skilled what he calls a “re-orange pilling flip of occasions.”
“I used to be working with my crew on the seaside once we heard about FTX information, and being a Bitcoin fanatic, I used to be interested in its impression available on the market. All of a sudden, we acquired a name for assist, and we rushed to the seaside to search out a person holding their neck in ache. After investigating, we discovered they’d a damaged neck.”
The injured particular person turned out to be a crypto analyst. Following the incident and subsequent conversations, the firefighter’s curiosity in Bitcoin deepened. “It was a loopy flip of occasions that deepened my exploration into Bitcoin, and I acquired immense help from Pacific Bitcoin Swan,” Bei mentioned.
He advised Pompliano that his ardour for Bitcoin and labor unions started to intersect, main him to discover how these two worlds may come collectively.
Bei, who has a decade of expertise on a labor board, sees Bitcoin because the “new gold” and believes that it’s merely a matter of time earlier than different unions observe swimsuit.
Why It Issues: The funding has been considered by some as dangerous, however Bei believes that having pores and skin within the sport will make the members listen, and the funding is in the end a studying train for the union.
The aim, based on Bei, is to “determine on the perfect mannequin and aim that might work for the union to maneuver ahead with Bitcoin.”
Bei emphasizes that long-term success with Bitcoin requires a “bottom-up, grass-roots method “the place everyone seems to be on board and might climate “damaging media consideration or worth drops.”
“The response has been optimistic, with union members expressing a starvation for extra details about Bitcoin and the specifics of the funding,” he added.
Bei hopes that this transfer will encourage different unions to discover Bitcoin and its potential advantages.
Worth Motion: On the time of writing, BTC was buying and selling at $25,840, up 0.14% within the final 24 hours, based on Benzinga Professional.