Bitcoin Magazine
California Senator Supports Bitcoin Advocate for $500 Billion Pension Board
California State Senator Ben Allen has thrown his support behind Dom Bei, the founder of a bitcoin nonprofit, in his bid to secure a position on the California Public Employees’ Retirement System (CalPERS) board.
The CalPERS manages an enormous pension fund valued at $500 billion, providing retirement benefits for more than 2 million public sector retirees. If he wins, Bei will make history as the first openly pro-bitcoin influencer on the 13-member governing board.
Bei, who has dedicated 16 years to firefighting, established Proof of Workforce, a nonprofit organization aimed at educating workers, unions, and pension fund officials about bitcoin. He has also been involved with Santa Monica’s pension advisory board and has been instrumental in his city’s firefighters’ union, being one of the early adopters of bitcoin.
Through his efforts, Bei has supported a variety of unions, associations, and pension funds in understanding and integrating bitcoin into their strategies. Notably, he played a key role in initiating educational initiatives for the Wisconsin Retirement System.
Bei expressed his motivation, stating, “Now more than ever, participants in pension plans and their stakeholders need to actively engage with their funds. I am campaigning for the CalPERS Board of Trustees to become a channel for engagement and transparency, all while championing the long-term prosperity and stability of the nation’s largest pension fund.”
His candidacy has also garnered notable endorsements from Santa Monica Mayor Lana Negrete, California Treasurer candidate Tony Vazquez, and numerous state legislators.
Amidst the shifting financial landscape, CalPERS is facing challenges with its conventional 60/40 investment strategy, grappling with the effects of inflation and increasing interest rates. With ballots set to be distributed in late August, Bei’s background in bitcoin may resonate with California’s public employees who are actively seeking innovative approaches to secure their retirement plans.
Additionally, his campaign website accepts contributions in both traditional currency and bitcoin.
This article California Senator Supports Bitcoin Advocate for $500 Billion Pension Board originally appeared on Bitcoin Magazine and was authored by Vivek Sen Bitcoin.
