- Jersey City Mayor Steven Fulop plans to make investments pension funds in Bitcoin ETFs.
- Fulop likens the investment to Wisconsin Pension Fund’s 2% crypto allocation.
- SEC-permitted Bitcoin ETFs perceive minimal adoption by predominant monetary establishments.
Jersey City Mayor Steven Fulop has announced plans to make investments a fragment of the metropolis’s pension fund into Bitcoin ETFs.
Fulop, who has held region of job since 2013, published on July 25 that the metropolis’s pension fund is within the map of updating its bureaucracy with the US Securities and Substitute Rate (SEC) to incorporate this unique investment map.
Mayor Fulop believes within the capability of blockchain and crypto
In an announcement shared on X, Mayor Fulop expressed his long-standing belief within the capability of cryptocurrency and blockchain technology. He did no longer specify the accurate proportion of the fund to be allocated to Bitcoin ETFs nonetheless indicated that it’d be same to the two% allocation made by the Wisconsin Pension Fund.
Fulop emphasized his self belief within the transformative energy of blockchain, describing it as one in all the most major technological innovations since the web.
No longer my traditional field matter in a put up nonetheless I’ll fragment anyway – the query on whether or no longer Crypto/Bitcoin is right here to lift is largely over + crypto/Bitcoin received. The #JerseyCity pension fund is in project of updating bureaucracy to the SEC to allocate % of the fund to Bitcoin ETFs… https://t.co/5iNEqRqHGM
— Steven Fulop (@StevenFulop) July 25, 2024
Jersey City to affix Speak of Wisconsin in investing in Bitcoin ETFs
Fulop’s switch aligns Jersey City with the Speak of Wisconsin Investment Board, which reported exposure to space Bitcoin ETFs issued by Grayscale and BlackRock in Would possibly possibly perchance. At that point, Wisconsin’s crypto investments amounted to $164 million out of its roughly $156 billion in resources.
The SEC’s approval in January for listing and trading space Bitcoin ETFs on US exchanges has paved the map for such investments.
Alternatively, publicly-chase pension funds delight in been sluggish to adopt this map, with handiest Wisconsin and Jersey City within the intervening time brooding about crypto ETFs.
Curiously, Mayor Fulop did no longer novel any plans to make investments in space Ether ETFs, which started trading within the US on July 23.
Major monetary establishments fancy Wells Fargo and JPMorgan Recede delight in made handiest minimal investments in space Bitcoin ETFs, amounting to diminish than $1 million blended — a negligible half of their gigantic asset portfolios.
This initiative by Mayor Fulop marks a first-rate step for Jersey City, potentially atmosphere a precedent for other municipalities to explore same investments within the burgeoning self-discipline of cryptocurrency.
