The Kenya National Fire Brigades Association (KENFIBA) has become the first labor union in the country to adopt a Bitcoin reserve, according to Proof of Workforce, a non-profit organization dedicated to helping unions and workers adopt Bitcoin.
šššššššš: KENFIBA, The Kenya National Fire Brigades Association adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin!
Potentially, the first labor union on the continent to hold Bitcoin pic.twitter.com/1ugLlToBdF
ā Proof of Workforce (@workforcebtc) December 11, 2024
The association received a bitcoin donation from Proof of Workforce, presented using a symbolic wallet at the 2024 Africa Bitcoin Conference held in Nairobi, Kenya.
Twitterās former CEO, Jack Dorsey is in Nairobi, Kenya to attend the Africa Bitcoin Conference. pic.twitter.com/y0zns6v5u3
ā Africa Facts Zone (@AfricaFactsZone) December 10, 2024
āKENFIBA, The Kenya National Fire Brigades Association, adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin! Potentially, the first labor union on the continent to hold Bitcoin,ā said Proof of Workforce on X.
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Kenyans are significantly underserved in the area of firefighting. According to Proof of Workforce, the nation of 56 million people, has around 1,400 Firefighters. For perspective, L.A. City, with 4 million, has 4,000 uniform personnel.
Moreover, firefighting as a profession in the country is not well compensated, and workers usually lack work safety equipment. KENFIBA leadership under CEO, Bernard Onyango, and Secretary, General Francis Omolo, have bee at the forefront in fighting for better standards for firefighters in Kenya.
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According to Proof of Workforce, its goal is to help KENFIBA with their efforts by placing Bitcoin on their balance sheet, via donated sats, coupled with some education for their members.
āTheir success as a union, translates into success for the people of Kenya, and the emergency services and firefighters they rely on in life or death situations.ā
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Magdalena Gronowska, an adviser to Proof of Workforce, said that the program aims to support KENFIBAās āemergency response, membership, and recruitment initiatives by integrating Bitcoin into their balance sheet.ā
āThis trip, we met with the CEO & Sec. General of the Kenya Fire Brigades Association, & learned about their work in supporting & unifying the Kenyan Firefighters, & enhancing the fire service in Kenya.
We also discussed Bitcoin & its benefits as a tool for unions & wage earners. Kenya, a nation of 56 million people, has ~1,400 Firefighter ā for perspective, Toronto, with 3 million, has 3,200 uniformed personnel,ā said Gronowska.
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In recent years, a growing number of companies have begun holding Bitcoin on their balance sheets as a strategic investment, notably American companies:
Microstrategy led by Bitcoin maximalist Michael Saylor,
Block by Jack Dorsey, and
Tesla by Elon Musk
Tesla Invests 7.7% of Gross Cash Holdings into #Bitcoin https://t.co/QEDqnvyXYy pic.twitter.com/cmHEiZKx7J
ā BitKE (@BitcoinKE) February 9, 2021
This trend reflects a broader acceptance of cryptocurrency as a legitimate asset class driven by the potential for high returns and a hedge against inflation.
The asset has gained more than 120% in 2024, rising from $44,000 at the beginning of the year to surpass the $100,000 mark in December 2024.
MILESTONE | #Bitcoin Surpasses the $100,000 Mark for the First Time in History
Since the start of 2024, Bitcoin is up by over 120% and by over 50% in the last one month since the election victory of U.S. President Donald Trump.https://t.co/Zc1PC4lDbM #Bitcoin100K pic.twitter.com/GnJYFtHqS4
ā BitKE (@BitcoinKE) December 5, 2024
Interested parties can make more contributions to support KENFIBAās balance sheet by donating on this page.
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