California’s CalPERS pension fund is experiencing stark divisions among candidates regarding cryptocurrency investments. The fund currently holds 410,596 shares in MicroStrategy, valued at $165.9 million, providing significant indirect Bitcoin exposure. During a recent forum, opinions varied broadly; some candidates strongly opposed direct crypto investments, while others were more open, acknowledging the potential of blockchain technology. Incumbent David Miller expressed strong opposition to cryptocurrencies, contrasting with challenger Dominick Bei's defense of the fund's indirect Bitcoin exposure. Meanwhile, Kadan Stadelmann of Komodo suggested Bitcoin is a viable store of value despite volatility concerns, while Steve Mermell compared crypto to past financial failures, advocating against its inclusion in pension assets. Candidates such as Troy Johnson displayed a nuanced view, hesitant yet not entirely dismissive of crypto. As more state funds increase their crypto holdings, including Michigan’s recent expansion, CalPERS’s November elections will determine if the pension fund will finally consider direct crypto investment, or continue its current indirect approach.

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