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Hassan Shittu
Journalist
Hassan Shittu
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Key Takeaways:
- Dom Bei, a Bitcoin advocate, is running for a CalPERS board seat.
- His election could bring Bitcoin strategies to public pension funds.
- Momentum for Bitcoin adoption is growing across U.S. government levels.
California legislators have endorsed Dom Bei, a firefighter and founder of a Bitcoin nonprofit, in his campaign for a seat on the California Public Employees’ Retirement System (CalPERS) board.
If elected, Bei would become the first openly pro-Bitcoin voice on the 13-member board overseeing the $500 billion pension fund, which serves over two million public sector retirees.
Firefighter & Bitcoin Educator Dom Bei Seeks Seat on CalPERS Pension Board
Bei, a 16-year veteran firefighter, founded Proof of Workforce, a nonprofit focused on Bitcoin education for workers, unions, and pension funds.
He has been involved 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 hold Bitcoin.
His advocacy for Bitcoin has gained him support from many 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.
He has also received backing 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 championing workers and wage-earners. Now, I’m running for CalPERS Board of Trustees to protect our nation’s largest public pension, serving 2M+ participants,” Bei noted in a post on X.
Bei has worked with multiple unions and pension systems, including efforts to educate the Wisconsin Retirement System on Bitcoin strategies. He has framed his campaign as a way to protect the nation’s largest public pension fund, emphasizing the need for new financial approaches amid economic uncertainty.
Notably, CalPERS has faced challenges with its traditional investment strategy, particularly as inflation and rising interest rates put pressure on its 60/40 portfolio allocation.
Some observers see Bei’s potential election as a significant moment for Bitcoin adoption within public pension funds. His experience and perspective as a Bitcoin holder could influence discussions on the fund’s investment approach.
Ballots for the CalPERS board election will be distributed in late August. Bei’s campaign website accepts donations in fiat and Bitcoin.
The U.S. Bitcoin Strategy Takes Shape as Lawmakers Push for a National Reserve
Momentum for Bitcoin adoption is growing in the U.S., with federal and state lawmakers pushing reserve initiatives forward. On Tuesday, Senator Cynthia Lummis (R-WY) reintroduced the BITCOIN Act, a proposal to establish a Strategic Bitcoin Reserve.
The initiative, backed by multiple Republican senators, aims to acquire 1 million Bitcoin, approximately 5% of the total supply, to strengthen the nation’s financial position.
Notably, Representative Nick Begich (R-AK) has also introduced a complementary measure in the House, which signals increase support for the concept. Lawmakers argue that integrating Bitcoin into national reserves could help offset the country’s $36 trillion debt.
Meanwhile, states are independently taking action. 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 state-level Bitcoin holdings.
In total, at least 20 states are exploring cryptocurrency reserve bills, though progress varies.
The push for Bitcoin reserves extends beyond the U.S. Senate and state legislatures. In March 2025, Trump unveiled the Crypto Strategic Reserve, including Bitcoin, Ethereum, Solana, Cardano, and XRP.
As the debate continues, the growing political and financial commitment to Bitcoin signals a shift toward broader government-backed crypto adoption.
Frequently Asked Questions (FAQs)
Bitcoin’s high volatility and regulatory uncertainties could threaten fund stability and complicate long-term financial planning.
Bitcoin serves as a non-correlated asset class, potentially reducing dependence on traditional equities and bonds.
Yes, Bitcoin miners can utilize surplus renewable energy, enhancing grid stability while supporting eco-friendly initiatives.
