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Key Takeaways:
- Dom Bei, a proponent of Bitcoin, is campaigning for a position on the CalPERS board.
- His election could introduce Bitcoin strategies to public pension funds.
- There is increasing momentum for Bitcoin adoption at various levels of U.S. government.
California lawmakers have endorsed Dom Bei, a firefighter and founder of a Bitcoin nonprofit, in his bid for a seat on the California Public Employees’ Retirement System (CalPERS) board.
If he wins, Bei would become the first openly pro-Bitcoin representative on the 13-member board that oversees the $500 billion pension fund, which serves more than two million public sector retirees.
Firefighter & Bitcoin Advocate Dom Bei Aims for CalPERS Pension Board Position
Bei, a firefighter with 16 years of experience, established Proof of Workforce, a nonprofit dedicated to educating employees, unions, and pension funds about Bitcoin.
He has been active in pension policy through his previous role on Santa Monica’s pension advisory board and as a leader in the city’s firefighters union, where he became one of the first members to embrace Bitcoin.
His advocacy for Bitcoin has garnered support from various public figures, including California State Senator Ben Allen, Tony Vazquez of the California Board of Equalization, Santa Monica Mayor Lana Negrete, and Vancouver Mayor Ken Sim.
I’ve dedicated over a decade to advocating for workers and wage-earners.
Now, 𝐈’𝐦 𝐫𝐮𝐧𝐧𝐢𝐧𝐠 𝐟𝐨𝐫 𝐂𝐚𝐥𝐏𝐄𝐑𝐒 𝐁𝐨𝐚𝐫𝐝 𝐨𝐟 𝐓𝐫𝐮𝐬𝐭𝐞𝐞𝐬 to safeguard our nation’s largest public pension, serving 2M+ individuals! pic.twitter.com/qgbocBVTAI— Dom Bei (@Beiwatch1) March 12, 2025
He has also received endorsements from Santa Monica Firefighters Local 1109 President Garrett Childers and industry figures such as Anthony Pompliano, founder of Professional Capital Management.
“I’ve dedicated over a decade to advocating for workers and wage-earners. Now, I’m running for CalPERS Board of Trustees to safeguard our nation’s largest public pension, serving 2M+ individuals,” Bei stated in a post on X.
Bei has collaborated with various unions and pension systems, including efforts to educate the Wisconsin Retirement System on Bitcoin strategies. He has framed his campaign as a means to protect the nation’s largest public pension fund, highlighting the need for innovative financial strategies amid economic uncertainty.
Importantly, CalPERS has encountered difficulties with its traditional investment approach, particularly as inflation and rising interest rates exert pressure on its 60/40 portfolio allocation.
Some observers view Bei’s potential election as a pivotal moment for Bitcoin adoption within public pension funds. His experience and viewpoint as a Bitcoin holder could influence discussions regarding the fund’s investment strategy.
Ballots for the CalPERS board election are expected to be distributed in late August. Bei’s campaign website accepts contributions in both fiat and Bitcoin.
The U.S. Bitcoin Strategy Takes Shape as Legislators Advocate for a National Reserve
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Momentum for Bitcoin adoption is increasing in the U.S., with federal and state lawmakers advancing reserve initiatives. On Tuesday, Senator Cynthia Lummis (R-WY) reintroduced the BITCOIN Act, a proposal to establish a Strategic Bitcoin Reserve.
This initiative, supported by several Republican senators, aims to acquire 1 million Bitcoin, approximately 5% of the total supply, to bolster the nation’s financial standing.
The BITCOIN Act is back. pic.twitter.com/WNeU6SWPj3
— Senator Cynthia Lummis (@SenLummis) March 11, 2025
Additionally, Representative Nick Begich (R-AK) has introduced a complementary measure in the House, indicating growing support for the concept. Lawmakers contend that incorporating Bitcoin into national reserves could help mitigate the nation’s $36 trillion debt.
Meanwhile, states are taking independent actions. Texas has proposed House Bill 4258, seeking a $250 million allocation for Bitcoin investments. Rhode Island’s Strategic Digital Asset and Precious Metal Reserve Act similarly advocates for state-level Bitcoin holdings.
In total, at least 20 states are exploring cryptocurrency reserve legislation, although progress varies.
The push for Bitcoin reserves extends beyond the U.S. Senate and state legislatures. In March 2025, Trump announced the Crypto Strategic Reserve, which includes Bitcoin, Ethereum, Solana, Cardano, and XRP.
As the discussion continues, the increasing political and financial commitment to Bitcoin indicates a shift towards broader government-backed cryptocurrency adoption.
Frequently Asked Questions (FAQs)
What challenges might Bitcoin pose for pension fund investments?
Bitcoin’s significant volatility and regulatory uncertainties could jeopardize fund stability and complicate long-term financial planning.
How might Bitcoin diversify CalPERS’ investment portfolio?
Bitcoin acts as a non-correlated asset class, potentially reducing reliance on traditional equities and bonds.
Can Bitcoin mining align with California’s renewable energy targets?
Yes, Bitcoin miners can utilize surplus renewable energy, enhancing grid stability while supporting environmentally friendly initiatives.
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