Category: Crypto

Bitcoin Magazine

DMND To Launch First Stratum V2 Bitcoin Mining Pool and Closes Venture Capital Investment

DMND (“Demand Pool”), the world’s first Stratum V2 Bitcoin mining pool, has officially opened applications for miners to join as launch partners, according to a press release sent to Bitcoin Magazine. Successful applicants will receive 0% fees for the first two months and a special two-year founding miner agreement.

In addition to the launch announcement, DMND also confirmed the successful closing of its venture capital financing in Q4 2024, led by Trammell Venture Partners (TVP).

“The Bitcoin mining industry has a key problem which I’ve pinpointed over my 10-year career: mining pool centralization,” said Alejandro de la Torre, DMND co-founder and CEO. “This is why it is paramount that we make Stratum V2 a reality. SV2 will help decentralize Bitcoin mining by allowing miners to build their own blocks. With the release of DMND pool—the world’s first Stratum V2 pool—we help combat this problem – a historic moment in Bitcoin.”

Stratum V2 represents a major evolution in Bitcoin mining, offering enhanced decentralization, privacy, and security by enabling miners to construct their own block templates. Unlike traditional mining pools, where pool operators dictate transaction selection, Stratum V2 shifts control back to miners.

DMND’s pool implements end-to-end encryption to prevent hashrate hijacking, ensuring greater security for mining operations. Additionally, its SLICE payment system introduces auditable transactions and no hidden fees, guaranteeing maximum miner payouts in a fair and transparent manner.

The mining industry has long struggled with opaque fee structures and centralized block construction. DMND’s implementation of Stratum V2 and the SLICE payment system aims to address these issues, ensuring fairer payouts and greater control for miners while reinforcing Bitcoin’s decentralization.

“The mining pool industry is one where murky fee payouts and relative centralization have become the norm,” said Christopher Calicott, TVP’s managing director and founding partner. “By empowering mining operators to securely and privately design their own block templates while facilitating radical transparency and fairness of payments to mining pool participants, DMND will bring a new era to the mining industry. Mining operators of any size—from small home miners to publicly traded giants—will all work to enhance Bitcoin’s decentralization.”

Mining operators interested in contributing to the first-ever Stratum V2 block can apply via DMND’s official website. Applications for launch participants will close on March 28, 2025, at midnight PST.

For more information on DMND and the Stratum V2 mining pool, visit their website. You can also read more about the importance of Stratum V2 Bitcoin mining here.

This post DMND To Launch First Stratum V2 Bitcoin Mining Pool and Closes Venture Capital Investment first appeared on Bitcoin Magazine and is written by Nik.

Bitcoin Magazine

Bitcoin Covenants: What Are They And What Do They Do?

Covenant : a usually formal, solemn, and binding agreement. 

This word has become one of the most charged words in the Bitcoin space. They’re the best thing since sliced bread. They’re the most dangerous thing since the atom bomb. They aren’t really going to do anything to scale Bitcoin, but they’re neat. 

Everyone has a completely different attitude towards them. We have the pro-faction, the anti-faction, the ambivalent faction. To make matters worse, covenant is frankly a very vague term in its description of mature and concrete proposals to the protocol that would be classified as covenants. 

The degrees of difference between the functionality of different proposals that have been put forward is enormous. Some of them create entirely new design spaces for what it is possible to build on top of Bitcoin, while others strictly speaking don’t add any new functionality at all, they simply optimize things that are already currently possible with a large degree of complexity and overhead. 

Let’s create a new definition specific to Bitcoin.

Covenant :  any script that guarantees some, or all, of the outputs created by a transaction spending an input with a covenant script will have to fit certain specified criteria for the spending transaction to be consensus valid. 

So in less strict terms, if a Bitcoin script currently restricts who can spend a coin by demanding an authorization proof, i.e. a cryptographic signature, or when it can be spent, i.e. after a timelock expires or the spender can show the preimage to a hash, a covenant script restricts how it can be spent, i.e. to who, how much to which person, etc. A covenant script can even restrict a coin so that it must be spent to another covenant script. 

That last part is the core of what has made covenant such a contentious word. Many people have large reservations about adding a new way to “lock” bitcoins that can self-propagate and ensure future coins are restricted in a similar fashion. Many people have concerns about this being used to damage fungibility or institute censorship regimes. 

I feel it necessary to point out that both of these things can be accomplished right now, with no covenant script capability, simply by using multisig. Any authority can refuse to allow withdrawals to be processed from exchanges unless they are to a 2-of-2 multisig where that authority holds one key. From there they can simply refuse to sign transactions sending to addresses where they do not hold a required key, and establish whatever blacklist or whitelist scheme they desired opaquely and entirely off-chain. 

That said, it is still important for Bitcoin users to have a grasp and understanding of the difference of power and flexibility between all the different covenant proposals that currently exist. 

There are two core things that covenants seek to enable in order to apply restrictions to how coins are spent, introspection and forward data carrying. 

Introspection is the ability to inspect different parts of the transaction that is being evaluated while trying to spend a specific coin. So for instance, if you want to restrict a coin so that it has to be spent to a specific address, you have to be able to compare the address specified in the input’s covenant script to the address specified in the output of the transaction spending it. Opcodes that enable introspection are ones that give us the ability to compare different parts of the spending transaction against restrictions included in the script being evaluated. The more granular you can get with introspection concerning which particular parts of a transaction you can examine, the more powerful it becomes. 

Forward data carrying is related to introspection, and in many ways a consequence of it, that allows you to ensure some piece of information is carried forward and included in each new covenant script so that it can be used in the next evaluation of the covenant script. This is accomplished by using introspection to restrict certain parts of the transaction so tightly that they must include the exact desired data or they are invalid. The more powerful introspective capability you have, the more flexibly you can carry data forward, and the more flexibly you can use that data. 

This is just the first introduction to a series of articles to come over the next few weeks looking at all the major covenant proposals that are in a mature state, have received recent interest, or are conceptually critically important enough that developers agree on their usefulness but not yet a concrete design. This won’t be 100% complete, but it will be relatively comprehensive. A few of them also are not strictly covenants per se, but compose very tightly with them. 

These will include: 

CHECKTEMPLATEVERIFY 

CHECKSIGFROMSTACK 

TXHASH

OP_VAULT

CHECKCONTRACTVERIFY

CAT

TWEAKVERIFY

This post Bitcoin Covenants: What Are They And What Do They Do? first appeared on Bitcoin Magazine and is written by Shinobi.

Bitcoin Magazine

Bitcoin’s Unstoppable Rise: A Saint Patrick’s Day Price History

From $5 to $83,000 – The Digital Gold Rush Continues

Bitcoin has come a long way since trading at just $5.34 on Saint Patrick’s Day in 2012. Now, in 2025, the world’s largest digital currency has reached $83,223 on this holiday, marking a staggering 1,558,000% increase in just 13 years. With institutional adoption surging and supply remaining fixed, Bitcoin’s long-term trajectory appears stronger than ever.

A Look at Bitcoin’s Explosive Growth

Bitcoin’s price movements in the early years was anything but predictable. In just one year, from 2012 to 2013, BTC skyrocketed 780%, reaching $47. The next year, it surged again to $630, a 1,240% increase from 2013.

However, Bitcoin’s price swings have been sharp. By 2015, it had retraced to $290, but by 2017, it climbed to $1,180, and in just one more year, it hit $8,321—a 605% increase. Even after a pullback to $4,047 in 2019, the next five years saw Bitcoin go from $5,002 in 2020 to $83,223 in 2025.

2012 $5.34

2013: $47

2014: $630

2015: $290

2016: $417

2017: $1,180

2018: $8,321

2019: $4,047

2020: $5,002

2021: $56,825

2022: $41,140

2023: $26,876

2024: $68,845

2025: $83,223

Why Bitcoin’s Price Keeps Rising

Despite its volatility, Bitcoin’s long-term trajectory remains upward, driven by increasing demand and fixed supply. Unlike fiat currencies, which governments can print indefinitely, Bitcoin’s supply is capped at 21 million coins. As more individuals, institutions, and even governments adopt Bitcoin, scarcity drives prices higher.

Several major factors are contributing to Bitcoin’s growing adoption in the last year:

The U.S. Strategic Bitcoin Reserve – United States Senator Cynthia Lummis and Congressman Nick Begich both introduced legislation to green light the U.S. to purchase 1,000,000 BTC for their strategic reserves, further solidifying its legitimacy and causing other countries potential FOMO in.

Corporate Adoption – Companies like Strategy, Metaplanet, and Rumble continue adding Bitcoin to their balance sheets, treating it as a strategic reserve asset.

Spot Bitcoin ETFs – The approval of Bitcoin spot ETFs in the U.S. has opened the floodgates for institutional investment, allowing hedge funds, pension funds, and retail investors to gain exposure to Bitcoin through regulated financial products.These ETFs have collectively purchased over 1 million BTC.

Halving – On April 19th, 2024, Bitcoin underwent its fourth halving event, where the block reward for those mining Bitcoin was cut in half from 6.25 BTC per block to 3.125 BTC per block. This decrease in the amount of daily new bitcoin issued on the market historically leads to an increase in the price of BTC. Bitcoin halvings occur roughly every 210,000 blocks (approximately every four years).

What’s Next?

With demand skyrocketing and supply shrinking due to upcoming Bitcoin halvings, Bitcoin seems poised to continue its historic rise in price. If history is any indicator, the best time to buy Bitcoin was years ago—the second-best time might be today.

This post Bitcoin’s Unstoppable Rise: A Saint Patrick’s Day Price History first appeared on Bitcoin Magazine and is written by Nik.

Bitcoin Magazine

South Korea Dismisses Establishing Strategic Bitcoin Reserve

The Bank of Korea (BOK) has dismissed the possibility of establishing a strategic bitcoin reserve, citing concerns over price volatility and risks. This comes despite ongoing global discussions about using bitcoin as part of foreign exchange reserves following the United States plans to create a reserve.

In response to an inquiry from a member of the National Assembly’s Strategy and Finance Committee, the central bank rejected adding bitcoin to its reserves. BOK officials emphasized bitcoin’s wild price swings as a key deterrent, stating that transaction costs to convert bitcoin to cash “could rise drastically” if the market experiences instability.

As of March 17th, bitcoin trades around $83,500, having fallen 23% from its peak of $108,000 in January. The BOK warned that this extreme volatility poses significant risks to its reserves.

The bank also indicated that bitcoin fails to meet the International Monetary Fund’s (IMF) criteria for reserve assets. The IMF calls for prudent management of liquidity, market, and credit risks for reserves – standards bitcoin does not currently satisfy in the eyes of the BOK.

This latest stance marks the first time the South Korean central bank has directly addressed the possibility of using bitcoin as a reserve asset. It emphasized a “cautious approach” regarding bitcoin.

The dismissal of a strategic bitcoin reserve comes despite growing attention on crypto’s potential role in reserves globally. Earlier in March, U.S. President Donald Trump signed an executive order to establish a strategic bitcoin reserve. This fueled discussions in South Korea and other Asian nations about following suit.

This post South Korea Dismisses Establishing Strategic Bitcoin Reserve first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.

Bitcoin Magazine

Bitcoin Is A Strategic Asset, Not XRP

A new proposal submitted to the U.S. Securities and Exchange Commission’s (SEC) newly-established Crypto Task Force by a Maximilian Staudinger makes the case for XRP as a “strategic financial asset” for the United States (using some very questionable math and logic).

I’m here to tell you that XRP is not a strategic asset and that the logic in this proposal is dubious at best.

In the proposal, Staudinger states that $5 trillion is locked up in U.S. Nostro accounts (accounts that banks use for cross-border payments). And he claims that if certain regulatory conditions were created — including the SEC classifying XRP as a payment network, the U.S. Department of Justice (DoJ) providing legal clearance for banks to use XRP, and the Federal Reserve mandating that banks use XRP as a liquidity solution — then 30% of this capital ($1.5 trillion) would be freed up for the U.S. government to buy 25 million bitcoin at $60,000 per bitcoin.

So, let’s break down why this makes little sense.

First, Nostro accounts are simply bank accounts that U.S. banks hold in foreign countries. I’m not sure what sort of logic includes these domestic banks turning over the U.S. dollars that XRP would theoretically replace to the Federal government so that these dollars could then be used to acquire bitcoin on behalf of the government.

Second, the proposal doesn’t offer details on how these domestic banks would obtain the XRP that would replace the dollars. It only seems logical that they’d have to purchase the XRP, leading to XRP absorbing this $1.5 trillion, not bitcoin. Even if Ripple, XRP’s issuer, wanted to simply give these banks XRP to use, this still wouldn’t work, as it only holds about $100 billion in XRP — far short of $1.5 trillion.

Third, even if bitcoin’s price were to dip to $60,000, the price would begin increasing immediately as the U.S. government began purchasing the 25 million bitcoin.

Lastly, there’s a hard cap of 21 million bitcoin (and approximately 4 million have been lost), which is a well-known fact in the Bitcoin or crypto space. Therefore, it’s quite silly to suggest that the U.S. government could buy 25 million bitcoin. If the author were even a half-serious person, he might have suggested that the government buy 15 million bitcoin at $100,000 per bitcoin (though the math still wouldn’t work out).

Given how faulty the logic behind this proposal is, it’s difficult to consider XRP a strategic asset. Plus, why would the U.S. government do so when two thirds of the supply is still in the hands of the organization that issued the asset? It doesn’t make much sense.

Bitcoin, on the other hand, is a globally distributed asset that many around the world use as both money and a store of value. Plus, the Bitcoin network is governed by tens of thousands of nodes and is virtually impenetrable, thanks to the approximately 0.4% of the world’s energy that protects it. (The XRP network is governed by 828 nodes and isn’t protected by any amount of energy.) Theses factors make bitcoin a logical reserve asset, which is how the U.S. government now officially classifies it.

So, hopefully, the SEC already understands what I’ve outlined in this piece and doesn’t spend much time even considering Mr. Staudinger’s proposal.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This post Bitcoin Is A Strategic Asset, Not XRP first appeared on Bitcoin Magazine and is written by Frank Corva.

Bitcoin Magazine

Kentucky Senate Passes Bill Protecting Bitcoin Self-Custody Rights

Yesterday evening, the Kentucky Senate unanimously passed a bill aimed at protecting Bitcoin self-custody rights and digital asset mining operations. With a decisive 37-0 vote, the legislation, titled AN ACT relating to blockchain digital assets (HB 701), now moves to the Governor’s desk for final approval.

Sponsored by Representatives Adam Bowling and T.J. Roberts, the bill affirms the right of individuals to self-custody digital assets through self-hosted wallets. Additionally, it prevents local zoning laws from discriminating against digital asset mining businesses, ensuring that Bitcoin miners can operate freely within the state.

The bill outlines several key provisions, including:

Protection for Bitcoin self-custody: Individuals have the legal right to use and store digital assets in self-hosted wallets.

Prohibition of discriminatory zoning laws: Local governments cannot impose zoning changes that unfairly target digital asset mining businesses.

Exemptions from money transmitter licensing: Home Bitcoin miners and digital asset mining businesses are exempt from Kentucky’s money transmitter requirements.

Clarification of securities laws: Digital asset mining and staking as a service are explicitly not classified as securities under Kentucky law.

After passing through the Kentucky House with a 91-0 vote on February 28, 2025, the bill moved swiftly through the Senate. The March 13 vote saw full bipartisan support, with 37 senators voting in favor, zero opposed, and one not voting.

The legislation now awaits the Governor’s signature, which would officially enshrine Bitcoin self-custody protections and digital asset mining rights into Kentucky law. If signed, Kentucky will become one of the more Bitcoin-friendly states in the country, setting a precedent for other states to follow.

This post Kentucky Senate Passes Bill Protecting Bitcoin Self-Custody Rights first appeared on Bitcoin Magazine and is written by Nik.

Bitcoin Magazine

This Rare Bitcoin Buy Signal Could Ignite Next BTC Rally

Bitcoin has been struggling with lower lows in recent weeks, leaving many investors questioning whether the asset is on the brink of a major bear cycle. However, a rare data point tied to the US Dollar Strength Index (DXY) suggests that a significant shift in market dynamics may be imminent. This bitcoin buy signal, which has only appeared three times in BTC’s history, could point to a bullish reversal despite the current bearish sentiment.

For a more in-depth look into this topic, check out a recent YouTube video here:
Bitcoin: This Had Only Ever Happened 3x Before

BTC vs DXY Inverse Relationship

Bitcoin’s price action has long been inversely correlated with the US Dollar Strength Index (DXY). Historically, when the DXY strengthens, BTC tends to struggle, while a declining DXY often creates favorable macroeconomic conditions for Bitcoin price appreciation.

Figure 1: $BTC & DXY have historically had an inverse correlation. View Live Chart

Despite this historically bullish influence, Bitcoin’s price has continued to retreat, recently dropping from over $100,000 to below $80,000. However, past occurrences of this rare DXY retracement suggest that a delayed but meaningful BTC rebound could still be in play.

Bitcoin Buy Signal Historic Occurrences

Currently, the DXY has been in a sharp decline, a decrease of over 3.4% within a single week, a rate of change that has only been observed three times in Bitcoin’s entire trading history.

Figure 2: There have only been three previous instances of such rapid DXY decline.

To understand the potential impact of this DXY signal, let’s examine the three prior instances when this sharp decline in the US dollar strength index occurred:

2015 Post-Bear Market Bottom

The first occurrence was after BTC’s price had bottomed out in 2015. Following a period of sideways consolidation, BTC’s price experienced a significant upward surge, gaining over 200% within months.

Post-COVID Market Crash

The second instance occurred in early 2020, following the sharp market collapse triggered by the COVID-19 pandemic. Similar to the 2015 case, BTC initially experienced choppy price action before a rapid upward trend emerged, culminating in a multi-month rally.

2022 Bear Market Recovery

The most recent instance happened at the end of the 2022 bear market. After an initial period of price stabilization, BTC followed with a sustained recovery, climbing to substantially higher prices and kicking off the current bull cycle over the following months.

In each case, the sharp decline in the DXY was followed by a consolidation phase before BTC embarked on a significant bullish run. Overlaying the price action of these three instances onto our current price action we get an idea of how things could play out in the near future.

Figure 3: How price action could play out if any of the three previous occurrences are mirrored.

Equity Markets Correlation

Interestingly, this pattern isn’t limited to Bitcoin. A similar relationship can be observed in traditional markets, particularly in the Nasdaq and the S&P 500. When the DXY retraces sharply, equity markets have historically outperformed their baseline returns.

Figure 4: The same outperformance can be observed in equity markets.

The all-time average 30-day return for the Nasdaq following a similar DXY decline stands at 4.29%, well above the standard 30-day return of 1.91%. Extending the window to 60 days, the Nasdaq’s average return increases to nearly 7%, nearly doubling the typical performance of 3.88%. This correlation suggests that Bitcoin’s performance following a sharp DXY retracement aligns with historical broader market trends, reinforcing the argument for a delayed but inevitable positive response.

Conclusion

The current decline in the US Dollar Strength Index represents a rare and historically bullish Bitcoin buy signal. Although BTC’s immediate price action remains weak, historical precedents suggest that a period of consolidation will likely be followed by a significant rally. Especially when reinforced by observing the same response in indexes such as the Nasdaq and S&P 500, the broader macroeconomic environment is setting up favorably for BTC.

Explore live data, charts, indicators, and in-depth research to stay ahead of Bitcoin’s price action at Bitcoin Magazine Pro.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post This Rare Bitcoin Buy Signal Could Ignite Next BTC Rally first appeared on Bitcoin Magazine and is written by Matt Crosby.

Bitcoin Magazine

Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India

Amid ongoing sanctions over the war in Ukraine, Russia has turned to bitcoin and other cryptocurrencies to facilitate some of its oil trade with major buyers China and India.

According to a Reuters report, Russian oil companies and traders increasingly conduct transactions in bitcoin and crypto, allowing them to circumvent restrictions from Western nations. Sources say monthly trade volumes are already in the tens of millions of dollars.

The mechanism involves Chinese or Indian buyers purchasing oil and depositing yuan or rupees into an offshore account owned by a middleman company. The middleman then converts the fiat currency into crypto and transfers it to an account in Russia, where it is exchanged into rubles.

While crypto-based oil payments are still a fraction of Russia’s $192 billion total oil trade, the practice is growing as sanctions bite. The trend highlights the utility of bitcoin and crypto in enabling transaction settlement for sanctioned nations. Iran and Venezuela have adopted similar crypto strategies. Bitcoin and crypto’s censorship resistance allows value transfer beyond the reach of sanctions.

In late 2024, Russia’s finance minister publicly endorsed using crypto in foreign trade. The Kremlin sees bitcoin and crypto as one of several effective strategies to overcome financial penalties imposed over the invasion of Ukraine. The Bank of Russia also recently proposed legalizing crypto investments for wealthy citizens.

However, Russia’s oil trade still relies primarily on fiat currencies. President Donald Trump’s administration is debating whether to ease some restrictions to improve relations with Moscow.

With the Ukraine conflict still unresolved, Russia’s pivot toward leveraging bitcoin and decentralized technologies appears to aim to reduce its reliance on traditional finance and dollar settlements. Other countries under U.S. sanctions are likely to be monitored closely.

This post Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.

Bitcoin Magazine

Bitcoin 2025 Conference Brings Back Highly Anticipated Legal Education Program

BTC Inc., a leading provider of Bitcoin-related news and events, has announced the return of its Continuing Legal Education (CLE) program at The Bitcoin 2025 Conference in Las Vegas, Nevada. Scheduled for May 27th at the Venetian Expo Hall, this premier program provides legal and financial professionals with the opportunity to stay informed about the ever-evolving regulatory landscape surrounding Bitcoin.

Following a highly successful debut at Bitcoin 2024, where attorneys, startup founders, corporate legal teams, and policymakers praised the program for tackling crucial legal topics, the 2025 CLE session will continue to deliver valuable insights into the legal and regulatory frameworks shaping Bitcoin’s future.

The 2025 CLE program will offer four (4) hours of credit, pending approval from the Nevada Board of Continuing Legal Education. Participants will also receive certificates of completion for submission to states not pre-accredited for CLE or CPE credits.

Designed for industry professionals, in-house counsel, CFOs, CPAs/MTAs, startup founders, and C-suite executives, the program will address key legal, regulatory, and business considerations in the Bitcoin industry. Expert-led sessions will include:

Trump Administration’s Bitcoin Policies – A deep dive into the Strategic Bitcoin Reserve, stablecoin regulations, and shifts in market structure.

Bitcoin in Public Company Treasuries – Examining the legal frameworks for power agreements and transactions in regulated and deregulated markets.

Bitcoin & the Courts: Operation Choke Point and Beyond – Analyzing legal battles shaping financial access, banking restrictions, and regulatory overreach.

Mining Contracts & Legal Risks – Exploring complexities in hosting agreements, procurement risks, and emerging regulatory considerations.

Participants can register through either the CLE & Industry Pass bundle or the CLE & VIP Whale Pass bundle. Attendees will be among 300+ sponsors and 5,000+ companies, many of whom are in the early stages of their legal and consulting needs. The 2025 CLE program registration and further details can be found here.

The Bitcoin Conference is also renowned for hosting top-tier international Bitcoin events like Bitcoin Asia, Bitcoin Amsterdam, and Bitcoin MENA, and continues to be the premier destination for thought leadership and innovation in the Bitcoin space.

Disclaimer: Bitcoin Magazine is wholly owned by BTC Media, LLC, which also owns and operates the world’s largest Bitcoin conference, The Bitcoin Conference.

This post Bitcoin 2025 Conference Brings Back Highly Anticipated Legal Education Program first appeared on Bitcoin Magazine and is written by Nik.

Bitcoin Magazine

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 history—now, we’re 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 isn’t just an asset, it’s 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 isn’t a gamble. It’s 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 aren’t just negotiating contracts, we are securing economic freedom. We are setting the standard. We are taking action. We are proving that unions don’t 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 union’s support into the Bitcoin network.

Proof of Workforce praised IATSE 728’s 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. It’s 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 he’s 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.