The City of Santa Monica Bitcoin Office Launched to Promote Industry Education

Key Points:

• The City of Santa Monica has opened a Bitcoin Office to explore Bitcoin-related economic opportunities and promote education, which will help create local jobs.
• The Santa Monica Bitcoin Office is further working with Proof of Workforce to emphasize knowledge about and the usage of Bitcoin within the workforce.

The City of Santa Monica in California announced a brand-new initiative to integrate Bitcoin into its economic development strategy.

Read more: Bloomberg Analyst: Bitcoin ETF Options May Be Launched in Q4

Santa Monica Opens New Bitcoin Office to Drive Economic Growth

On August 8, on the city’s website, the Santa Monica Bitcoin Office was created by a unanimous vote of the City Council on July 11. This new office will build partnerships in the Bitcoin industry, promote education, and investigate the economic development opportunities of the cryptocurrency.

The main goal of the Bitcoin Office is to increase local awareness about Bitcoin and find ways to use it to drive economic recovery and employment. The office partners with Proof of Workforce, a non-profit headed by Dominick Bei. Proof of Workforce was founded in 2023 and specifically deals with Bitcoin education for workers, unions, and pension funds.

The Santa Monica Bitcoin Office’s activities will include a Bitcoin festival on October 18, which was earlier scheduled by Swan Bitcoin but called off after staff reduction. This event will engage the Bitcoin community and showcase the city’s focus on the crypto industry.

Bitcoin Festival Scheduled for October to Highlight City’s Crypto Focus

Despite the enthusiasm, some city officials have expressed concerns about the potential legal and financial risks of Bitcoin. The Bitcoin Office has since offered a clarification—during their events, none of the discussions involved or were intended to provide any type of financial advice. It is highly recommended that each participant independently researches and consults with a professional financial advisor prior to making any investment decisions.

The opening of the Santa Monica Bitcoin Office is a stepping stone to this broader strategy aimed at establishing the city of Santa Monica as a global leader in Bitcoin innovation and economic development. As it prepares to host the Pacific Bitcoin Festival on October 18-19, this again puts a seal on the chase for new economic opportunities through cryptocurrency.