Mayor Steven Fulop of Jersey City has declared intentions to deploy a segment of the city’s pension fund towards Bitcoin exchange-traded funds (ETFs), indicating a notable change in the city’s financial approach to incorporating crypto.
The pension fund is currently revising its documentation with the US Securities and Exchange Commission (SEC) to incorporate Bitcoin Exchange-Traded Funds (ETFs). This move aligns Jersey City with the Wisconsin Pension Fund, which allocated 2% of its $156 billion in assets to Bitcoin ETFs during the second quarter of this year.
Mayor Fulop has confidence in the future of these assets and anticipates that the addition of Bitcoin ETFs to Jersey City’s pension fund will be completed by the end of the summer.
The approval of spot Bitcoin ETFs by the SEC earlier this year has generated interest in Bitcoin among public pension funds, creating an opportunity for municipalities to view Bitcoin as a feasible investment choice.
Political officials and regulators, including Donald Trump, are endorsing the use of Bitcoin. Senator Cynthia Lummis of Wyoming intends to advocate the formal recognition of Bitcoin as a strategic reserve asset, on par with gold, during her speech at the Bitcoin 2024 conference in Nashville. $BTC
