In an exciting development for the cryptocurrency community, California State Senator Ben Allen has endorsed Dom Bei for a seat on the California Public Employees’ Retirement System (CalPERS) board. Bei, the founder of the non-profit organization Proof of Workforce, aims to promote Bitcoin (BTC) adoption through educational initiatives targeting workers, unions, and pension funds.
CalPERS, which oversees more than $500 billion in assets and serves over 2 million public retirees, is the largest public pension fund in the United States. Its investment decisions are critical, not only for the retirement funds of those it serves, including police officers, firefighters, and teachers, but also for the broader perception of cryptocurrencies in institutional finance.
Senator Allen’s endorsement could pave the way for Bei to become the first Bitcoin advocate elected to the CalPERS board. In his own words, Bei said, “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.” His profound experience as a former firefighter and his previous role on the Santa Monica pension fund advisory board lend credibility to his candidacy.
The significance of this election cannot be overstated. Experts believe that Bei’s election would serve as a crucial milestone in the overall effort to push for broader Bitcoin adoption across pension funds and other public sector platforms. As a Bitcoin holder and proponent, Bei’s presence in the pension fund could encourage CalPERS to explore and potentially add Bitcoin to its investment portfolio.
In addition to Senator Allen, Bei’s campaign has garnered support from several influential figures, including over a dozen state legislators, the mayor of Santa Monica, Lana Negrete, and California treasurer candidate Tony Vazquez. Furthermore, notable industry leaders like Anthony Pompliano, the founder and CEO of Professional Capital Management, have also publicly backed Bei, illustrating the widespread support for his pro-crypto agenda.
As we move through 2025, the landscape for Bitcoin investment by pension funds is rapidly evolving. Following the Securities and Exchange Commission’s approval of the first spot Bitcoin exchange-traded funds, several pension and endowment funds have disclosed their exposure to Bitcoin. This trend reflects a growing acceptance of cryptocurrencies within traditional finance, and Bei’s candidacy could be a vital step in that direction.
In conclusion, Dom Bei’s potential election to the CalPERS board represents a significant opportunity not only for the state’s public pension fund but also for the future of Bitcoin in institutional investment. His combination of experience and advocacy for the workforce aligns well with the interests of CalPERS members and could catalyze a pivotal shift towards cryptocurrency integration in public financial systems.
