The Santa Monica firefighters union in California has decided to invest in and self-custody the world’s largest cryptocurrency, Bitcoin BTC/USD.
What Happened: With 113 members making up the union, the decision came after a one-time assessment to explore Bitcoin’s potential.
Dom Bei, a firefighter and Bitcoin supporter, told Anthony Pompliano, in a podcast that the investment wasn’t just about treating Bitcoin as an asset but also about viewing it as a "network, innovation, and monetary instrument".
The decision to invest was not taken lightly, and a long process ensued. Union member and firefighter, Bei, had been first exposed to Bitcoin in 2011.
However, it wasn’t until a rescue of an injured individual from the Bitcoin community that he experienced what he calls a “re-orange pilling turn of events.”
“I was working with my crew at the beach when we heard about FTX news, and being a Bitcoin enthusiast, I was curious about its impact on the market. Suddenly, we received a call for help, and we rushed to the beach to find an individual holding their neck in pain. After investigating, we found out they had a broken neck."
The injured individual turned out to be a crypto analyst. Following the incident and subsequent conversations, the firefighter’s interest in Bitcoin deepened. "It was a crazy turn of events that deepened my exploration into Bitcoin, and I received immense support from Pacific Bitcoin Swan," Bei said.
He told Pompliano that his passion for Bitcoin and labor unions began to intersect, leading him to explore how these two worlds could come together.
Bei, who has a decade of experience on a labor board believes that it’s simply a matter of time before other unions follow suit.
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Why It Matters: The investment has been viewed by some as risky, but Bei believes that having skin in the game will make the members pay attention, and the investment is ultimately a learning exercise for the union.
The goal, according to Bei, is to "decide on the best model and goal that would work for the union to move forward with Bitcoin."
Bei emphasizes that long-term success with Bitcoin requires a "bottom-up, grass-roots approach "where everyone is on board and can weather "negative media attention or price drops."
"The reaction has been positive, with union members expressing a hunger for more information about Bitcoin and the specifics of the investment," he added.
Bei hopes that this move will inspire other unions to explore Bitcoin and its potential benefits.
Price Action: At the time of writing, BTC was trading at $25,840, up 0.14% in the last 24 hours, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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