California’s $ 500 billion pension fund distributed on Bitcoin exposure

California State Pension Fund Calpers registered mixed reactions from administrative candidates on crypto investments during Wednesday’s forum, despite the system that holds shares in Bitcoin Treasury Company strategy, previously known as MicroStrategy.

The six candidates who compete for seats in the Retirement System Board of Administration of the California Public Employees expressed Divided views when asked if Bitcoin should be included in the portfolio of the Fund of $ 506 billion.

Calpers has 410,596 strategy shares with a value of $ 165.9 million according to his Q2 13F submissionsignificantly indirectly give the pension system Bitcoin Exposure by the company.

The forum was opened with tensions such as sitting David Miller, challenger Dominick Bei attacked while opening statements and said that “cryptocurrency should not have a place on our plate and that they should never” while referring to the Bitcoin education non -profit, proof of workforce.

Calpers “possesses shares in the largest Bitcoin holding party in the world, micro strategy,” punctured and wondered why the fund maintains a substantial indirect exposure, while candidates oppose direct investments.

Michael Saylor’s Strategy Has more than 636,505 BTC worth more than $ 70 billion, making it a popular vehicle for institutional crypto -exposure without direct purchases.

Miller tried to reconcile this apparent contradiction and said that “investing in a company that works with Bitcoin transactions is a completely different game than direct investments in buying Bitcoin.”

Kadan Stadelmann, Chief Technology Officer on Komodo Platform, said Decrypt That “Bitcoin is certainly not too volatile for pensions, especially in the light of inflation.” The market “Bitcoin clearly chosen as a store of value,” he said.

He noted that Calpers is “in principle too afraid to invest directly in Bitcoin” and has “a duty to keep Bitcoin in self -coasts, so that the public actually holds Bitcoins, and no promises of intermediaries.”

In the meantime, challenger Steve Mermell explained “Hell no!” When he was asked about the place of Crypto in Calpers.

He compared Crypto with earlier financial disasters such as the bankruptcy of Orange County and Enron, called it “opaque” and said, “It has no place in a pension system.”

Challenger Troy Johnson took a more nuanced attitude and recognized concern and remained open to future consideration.

“I am very wary of hyper -sensitive investments such as crypto,” he said, but added that he “would not completely close the door completely.”

The split expanded to see how candidates blockchain technology versus direct crypto investments viewed.

The sitting Jose Luis Pacheco rejected the possibility of Bitcoin as an investment, while blockchain “called an emerging technology with promise” suggests that Calpers should “study this opportunity through partnerships and research.”

In the meantime, other state pension funds have increased their crypto exposure, with Michigan’s state pension his bitcoin ETF interests tripled Up to $ 11.4 million in Q2, the Wisconsin investment board More than $ 387 million In Bitcoin ETF shares and Florida’s pension system Maintaining 240.026 strategy shares $ 97 million worth.

The November elections will determine whether Calpers will continue its current approach to indirect crypto -exposure or possibly opens discussions about direct digital assets investments.