Bitcoin Advocate Eyes Seat on Nation's Largest Pension Board
California legislators have thrown their support behind Dom Bei, a bitcoin nonprofit founder, in his bid for a seat on the board of the California Public Employees' Retirement System (CalPERS). CalPERS oversees a massive $500 billion pension fund serving over 2 million public sector retirees. If elected, Bei would become the first openly pro-bitcoin voice on the 13-member board.
CalPERS Faces Headwinds with Traditional Portfolio
CalPERS currently relies on a conventional 60/40 portfolio allocation (60% equities, 40% bonds), but this strategy is struggling amid persistent inflation and rising interest rates. Pension participants are increasingly seeking alternative approaches to secure their retirement. Bei's campaign arrives at a critical time, as his bitcoin expertise could help the fund explore inflation-hedging tools and new asset classes.
Dom Bei: From Firefighter to Bitcoin Education Pioneer
Dom Bei is a 16-year veteran firefighter who previously served as president of the Santa Monica firefighters' union and was among the first in his city to hold bitcoin. He founded Proof of Workforce, a nonprofit that provides bitcoin education to workers, unions, and pension funds. He has already assisted multiple unions and pension systems in exploring bitcoin strategies, including spearheading education efforts for the Wisconsin Retirement System. Bei stated: 'Now more than ever, pension participants and stakeholders need to engage with their pension funds. I am running for the CalPERS Board of Trustees with the goal of being a conduit for engagement and transparency, while advocating for the long-term health and success of the nation's largest pension fund.'
Broad Bipartisan Support and Campaign Prospects
Bei has received endorsements from a diverse coalition of political figures, including California State Senator Ben Allen, Tony Vazquez of the California Board of Equalization, Santa Monica Mayor Lana Negrete, Vancouver Mayor Ken Sim, and Garrett Childers, President of the Santa Monica Firefighters Local 1109. This broad support underscores the appeal of Bei's message. Ballots will be mailed out in late August, and Bei's bitcoin credentials could resonate with California's public workforce. His campaign website accepts donations in both fiat currency and bitcoin.