Key Takeaways:
- Jersey City Mayor Steven Fulop announced that the city’s municipal pension plan will invest in bitcoin through ETFs.
- This decision aligns with similar moves by other pension funds, such as Wisconsin’s earlier this year, indicating broader acceptance of cryptocurrency.
- The investment is expected to be finalized by the end of summer, pending SEC paperwork updates.
Jersey City Mayor Steven Fulop announced on social media that the city’s municipal pension plan will invest in bitcoin through exchange-traded funds (ETFs).
This decision marks another step towards broader acceptance of cryptocurrency, following similar moves by other pension funds, such as Wisconsin’s earlier this year.
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
Fulop, who has been the city’s mayor since 2013 and is running for New Jersey’s 2025 gubernatorial election, expressed his long-time belief in the potential of crypto and blockchain technology.
The exact allocation to bitcoin ETFs has not been specified but is expected to be similar to Wisconsin’s 2% allocation.
JUST IN: 🇺🇸 Jersey City is in the process of allocating its pension fund to buy #Bitcoin ETFs: Mayor of Jersey City pic.twitter.com/NPD7DxsMly
— Bitcoin Magazine (@BitcoinMagazine) July 25, 2024
The investment should be finalized by the end of the summer, pending updates to the pension fund’s paperwork with the U.S. Securities and Exchange Commission (SEC).
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
Check Victor out on:
