Key Takeaways:
- Santa Monica, California Opens First Bitcoin Office in the US: Inspired by El Salvador’s Bitcoin policies, Santa Monica establishes a dedicated Bitcoin Office to educate residents and explore economic benefits.
- Key Figures and Partnerships: The initiative, led by Vice Mayor Lana Negrete and supported by the city council, is partnered with Proof of Workforce, founded by Dom Bei, a former firefighter and Bitcoin advocate.
- Market Context and Economic Goals: The council aims to position Santa Monica as a leader in cryptocurrency adoption, with Bitcoin trading at $57,122.30 at the time of writing, despite recent market fluctuations.
YEREVAN (CoinChapter.com) — Santa Monica, California, has opened the first official Bitcoin Office in the United States. The city council announced this move, inspired by El Salvador’s Bitcoin policies under Nayib Bukele.
Santa Monica’s New Bitcoin Office: Education and Economic Benefits
Vice Mayor Lana Negrete led the effort, and the city council supported the initiative unanimously. The Bitcoin Office was established in partnership with the non-profit organization Proof of Workforce. This partnership aims to educate residents about Bitcoin and explore potential economic benefits.
Dom Bei, founder of Proof of Workforce, is from Santa Monica. A former firefighter, Bei supported the union in the self-custody of Bitcoin. His organization focuses on education-based Bitcoin adoption, helping unions, workers, and communities understand the digital asset’s utility.
Santa Monica’s Bitcoin Office Inspired by El Salvador
El Salvador has gained global attention for its Bitcoin policies under President Nayib Bukele. Santa Monica’s move to open a Bitcoin Office mirrors this approach. The official X account of El Salvador’s Bitcoin Office congratulated Santa Monica’s city council. Vice Mayor Negrete visited El Salvador last year to discuss Bitcoin education activities.
The council believes this initiative will educate the public and seek opportunities for economic benefits. Santa Monica, California, aims to lead in cryptocurrency adoption in the United States.
At the time of writing, Bitcoin was exchanging hands at $57,122.30, showing a 3.13% increase over the past seven days. The market cap stood at $1,126,455,730,818, reflecting a 2.34% decrease. The 24-hour trading volume was $28,330,820,612, marking a 15.00% rise. The circulating supply of Bitcoin was 19,720,071 BTC, which is 93.91% of the total supply of 21,000,000 BTC.
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