By Nermeen Nabil Khear 
The Sunnyvale Public Safety Officers’ Association (PSOA) is the first in America to embrace Bitcoin. It represents both the police and fire departments. They declared Bitcoin their main asset while maintaining control of their digital holdings.
This marks a significant shift in how police departments and public safety bodies manage digital assets. It may also encourage other organizations to hold Bitcoin.
Why Did They Decide to Hold Bitcoin?
The Sunnyvale PSOA maintains representation for the more than 600 workers. The Sunnyvale Public Safety Organization includes police, firefighters, ambulance personnel, and emergency dispatchers.
The organization selected Bitcoin ownership to become part of its financial operations strategy. Bitcoin ownership helps organizations shield themselves from inflation while safeguarding against economic uncertainties.
Source: X
Bitcoin’s value-keeping attributes continue to align with those of traditional gold storage. Institutions worldwide acknowledge its potential. The PSOA’s move signals growing confidence in Bitcoin’s value-keeping attributes for public organizations.
The Significance of Self-Custody
The PSOA chose to keep Bitcoin, wholly controlling its ownership instead of relying on an external provider. Direct Bitcoin ownership strengthens crypto ownership and security. It reinforces the principle of “not your keys, not your coins.”
Source: X
An organization that maintains self-custody control over its assets can reduce external threats and decrease security risks. Organizations have adopted Bitcoin for its core principles. One of these principles is economic freedom, allowing users to transact without restrictions. Financial control is vital in enabling organizations to operate independently and manage assets.
Conclusion
Sunnyvale PSOA’s decision to hold Bitcoin is a big move in public-sector finance. Financial institutions show their trust in digital assets when they adopt Bitcoin-based transactions. Through self-custody, the government maintains complete ownership over its digital assets. This implementation provides other agencies with an example to follow. Public agencies now study digital assets because they represent valuable components in finance.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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