Jersey City pension to include Bitcoin ETFs by summer.
Bitcoin ETF performance influences more public funds.
Mayor Fulop supports blockchain’s financial integration.
In a recent development, Mayor Fulop posted on social media about the Jersey City pension fund, which in the summer will start to introduce Bitcoin ETFs to its documentation submitted to the U. S. Securities and Exchange Commission (SEC).
Jersey City Updates Regulatory Documents
This decision comes on the heels of what the Wisconsin Pension Fund did when it dedicated 2% of its $ 156 billion of assets to Bitcoin ETFs this year. Fulop highlighted the inevitability of cryptocurrencies in the financial landscape progressive move shows his long-term support for cryptocurrency and blockchain technology.
Performance and Potential of Bitcoin ETFs
Bitcoin ETFs have been proven as a tool with high efficacy since the moment they were introduced to the market. Of equal importance, BlackRock’s IBIT has been receiving more fund inflows than Nasdaq’s QQQ for the year.
This impressive performance likely influenced Jersey City’s decision to pursue Bitcoin ETFs.The SEC’s approval of spot Bitcoin ETFs on U.S. exchanges has made such investments more accessible to public pension funds.
Despite this, only a few public entities, including Jersey City and Wisconsin, have taken steps to invest in Bitcoin ETFs. Major financial institutions like Wells Fargo and JPMorgan Chase have shown limited engagement, investing less than $1 million combined.
However, Mayor Fulop is optimistic that more public pension funds will follow suit, predicting that such investments will become increasingly common.
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 #JerseyCity pension 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 Fulop’s Vision for Blockchain Technology
Mayor Fulop, who assumed the city’s mayoral office in 2013, has expressed support for the likelihood of blockchain applications. He has been a long-time holder of crypto but more generally apart from crypto, he firmly believes that blockchain is one of the most groundbreaking new technology innovations since the internet.
This makes Jersey City’s decision-making strategic taking into consideration the expansion of institutional acceptance of cryptocurrencies.
Based on this move, more municipalities are expected to follow through with this investment after the cryptocurrencies have been included In the city pension funds with the incorporation of Bitcoin ETFs underway for completion by summer at the earliest.
Impact on Bitcoin and Future Prospects
News about Jersey City investing in the Bitcoin ETF has had a positive effect on the market with Bitcoin today at $67,180. Analysts have praised this move by Jersey City saying that this shows the recognition, and potential support for the digital asset and this may motivate other municipalities to also start investing in cryptocurrencies.
Financial experts and followers of cryptocurrencies will most likely be observing the further progress of the company based in Jersey City and its SEC paperwork.
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