CalPERS board split on cryptocurrency investments

PANews reported on September 4th that according to Decrypt, the California Public Employees' Retirement System (CalPERS), which manages $506 billion in assets, was divided on cryptocurrency investment during a board candidate forum. Although the fund indirectly holds $165.9 million in Bitcoin exposure through its 410,000 shares of Strategy, the six candidates had very different positions on direct investment.

Incumbent director David Miller strongly opposes cryptocurrencies, stating they "should have no place on the board," while challenger Dominick Bei questions the fund's contradiction in holding significant indirect exposure while opposing direct investments. The candidates' views are polarizing: Steve Mermell compares cryptocurrencies to financial disasters like the Orange County bankruptcy and the Enron scandal, while Troy Johnson maintains a cautiously open stance. Jose Luis Pacheco distinguishes between blockchain technology and Bitcoin investment, suggesting exploring opportunities through research.