In March 2023, IATSE Local 728 announced it had purchased Bitcoin, marking a first for private-sector unions. However, many members were unaware of this decision, leading to dissent within the union. Members questioned the validity of the vote and the wisdom behind investing in cryptocurrency, especially during an industry downturn. They voiced concerns about its suitability as a long-term pension investment, reflecting a divide between union leadership and its membership regarding financial strategies in uncertain times.
"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."
"Is this for real? Could someone jog their memory and remind us exactly when this was 'approved by an overwhelming majority' of the membership?"
"It just doesn't make sense as a long-term pension investment for a union. This is clearly a huge mistake, and they're trying to insulate themselves from criticism."
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