Cities where retirement funds embrace cryptocurrency investing
Retirement funds in Jersey City, New Jersey, will invest in Bitcoin through ETFs, Mayor Steven Fulop announced on Twitter on Thursday. He said the Jersey City pension fund is filing with the SEC to put 2% of the fund into a Bitcoin ETF, just like Wisconsin. (U.S. pension funds bought hundreds of millions of dollars in Bitcoin ETFs, scholars: expect U.S. states to follow suit) According to Steven Fulop’s tweet, this process is expected to be completed by the end of summer.
Not my normal subject matter in a post but I’ll share anyway – the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. The#JerseyCitypension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs… https://t.co/5iNEqRqHGM
— Steven Fulop (@StevenFulop) July 25, 2024
Mayor Steven Fulop: Bitcoin has already won
Steven Fulop, who has been the mayor of Jersey City since 2013, said: “This is not my usual topic, but I will share it anyway – the question of whether cryptocurrencies/Bitcoin is here to stay is basically over, crypto Currency/Bitcoin Wins,” a display that underscores Steven Fulop’s confidence in the long-term survival and success of cryptocurrencies.
Public pension funds’ interest in Bitcoin grows
Public pension funds’ interest in Bitcoin and cryptocurrencies is increasing. Wisconsin’s public retirement plan, which manages about $156 billion in assets, has made a significant $160 million investment in Bitcoin spot ETFs this year. Smaller retirement funds, such as the Houston Firefighters Relief and Pension Fund, which has about $5 billion in assets, have also been investing in cryptocurrencies for years.
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