Dom Bei, a veteran firefighter and founder of the Bitcoin education organization Proof of Workforce, has just received support from California lawmakers in his bid for a seat on the board of the California Public Employees’ Retirement System (CalPERS)—the largest pension fund in the U.S. with total assets of up to $500 billion. If successful, Bei will become the first Bitcoin supporter on this 13-member board.
Who is Dom Bei? From Firefighter to Leader of the Bitcoin Movement
Dom Bei has 16 years of experience in the fire service and is one of the first members of the Santa Monica Firefighters Union to own Bitcoin. Not stopping there, he founded Proof of Workforce, a nonprofit organization dedicated to educating workers, unions, and pension funds about Bitcoin.
Thanks to these efforts, Bei has helped many unions, organizations, and pension funds access and understand investment strategies related to $BTC . One of his notable achievements was assisting the Wisconsin Retirement System in exploring Bitcoin-related opportunities.
Why Does Dom Bei Want to Join the CalPERS Board?
CalPERS is the largest public pension fund in the United States, serving over 2 million public sector retirees. In overseeing a $500 billion fund, the CalPERS board plays a crucial role in making investment decisions to protect the long-term interests of workers.
In his campaign, Bei emphasized:
“Now more than ever, pension fund participants need to be proactive and transparent with their investments. I want to be a bridge between the pension fund and stakeholders, while also advocating for long-term strategies that help CalPERS grow sustainably.”
With rising inflation and high interest rates putting pressure on the traditional 60/40 investment portfolio, Bei believes that the pension fund needs new strategies to ensure financial safety for millions of workers.
Dom Bei is Supported by Notable Politicians and Leaders
Bei's support from influential officials and leaders indicates that his innovative thinking is receiving serious attention. His supporters include:
California Senator Ben Allen
California Budget Committee Member Tony Vazquez
Santa Monica Mayor Lana Negrete
Vancouver Mayor Ken Sim
President of Santa Monica Firefighters Local 1109 Garrett Childers
The list of supporters spans from lawmakers and local officials to union leaders, showing that Bei's message is not only attracting the cryptocurrency community but also garnering interest from traditional organizations.
Could Bitcoin Be the Solution for the $500 Billion Pension Fund?
#CalPERS is facing many challenges amid a volatile economic backdrop, particularly as the 60% stocks and 40% bonds investment model gradually loses effectiveness due to inflation and rising interest rates.
The presence of a Bitcoin supporter on the board could open up opportunities for CalPERS to explore new investment strategies, particularly investing in Bitcoin as a hedge against inflation.
With ballots going out at the end of August, is the labor community in California ready to embrace a bolder investment strategy that includes Bitcoin?
Conclusion
The support of lawmakers for Dom Bei not only reflects a shift in pension fund management thinking but also signals that Bitcoin is gradually becoming part of the traditional financial system. If Bei wins, this could be the first step in making Bitcoin a part of the investment portfolio of the largest pension fund in the U.S.
The opportunity for a Bitcoin supporter to hold a significant position on the CalPERS board raises the question: Could Bitcoin become a part of the retirement strategy for millions of American workers?