The Pomp Podcast
#1209 Dom Bei | Firefighters Are Buying Bitcoin!
- Santa Monica Firefighters Union became the first union in the US to purchase and self-custody Bitcoin on its balance sheet, rather than holding it with a third-party custodian.
- Dom Bei, a firefighter and former union president, led the initiative by proposing a small, exploratory allocation to educate union members about Bitcoin fundamentals.
- The union is establishing a committee with internal Bitcoin-educated members and external advisors to guide future decisions and provide membership-driven recommendations.
- Dom is developing a blueprint template for other unions and organizations to follow a similar low-risk entry strategy into Bitcoin.
- The concept applies to pension funds like CalPERS, which could use Bitcoin as an asymmetrical stabilizer asset in pre-funding trusts without disrupting their main portfolios.
- A rescue of a Swan analyst during a beach emergency rekindled Dom's deep interest in Bitcoin and catalyzed his exploration of the Bitcoin-labor intersection.