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Sunnyvale PSOA is the first police and firefighters association in the US that has Bitcoin
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This is part of Proof of Workforce‘s “Get off Zero” initiative.
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Crypto and financial markets have seen better times
The adoption of Bitcoin is increasing. Sunnyvale Public Safety Officers’ Association in California became the first police and firefighters’ association in the United States that held Bitcoin on its balance sheets. This move is part of Proof of Workforce’s “Get Off Zero” campaign, which aims to convince organizations to allocate some of their assets to Bitcoin.
The PSOA’s decision is a major milestone in the adoption and use of cryptocurrency by public safety organizations. It follows a growing interest among institutions in digital assets such as the US government’s Bitcoin reserve.
Public Safety Groups Turn to Bitcoin for Diversification
Diversification is a key reason why PSOA decided to include Bitcoin in its balance sheet. This strategy could be a good way for the group’s funds to be protected in the event that the regular markets experience ups or downs.
PSOA is a non profit collective bargaining unit that represents over 200 public safety professionals from Sunnyvale. Members serve as police officers and firefighters, emergency medical technicians, and emergency dispatch professionals.
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Their adoption of Bitcoin could set a precedence, encouraging other public safety agencies and government agencies to explore cryptocurrency.
The current crypto market hasn’t been doing too well. Bitcoin’s price has dropped below $80k, its lowest level since November last. To be fair, it’s not just Bitcoin that has been hit. The entire financial market is also suffering. Even the biggest companies like Apple, Microsoft Alphabet, NVIDIA and others have suffered huge losses in the past 24 hours.
What is Proof of Workforce (Proof of Workforce)?
Proof of Workforce, founded by Dom Bei in 2010, is an organization that aims to advance Bitcoin adoption across different sectors. The “Get Off Zero Initiative” encourages organizations to allocate a minimum portion of their assets to Bitcoin, moving them away from having no exposure to cryptocurrency.
Bei will also be speaking at the Bitcoin2025 conference, which will take place in Las Vegas from May 27-29. It is likely that he will speak about this initiative and the impact it has on associations such as the PSOA, given the Sunnyvale announcement.
