The municipal pension plan of Jersey City, New Jersey, is set to venture into the realm of Bitcoin through exchange-traded funds (ETFs).
In a recent post on X, Mayor Steven Fulop revealed plans to allocate part of the city’s pension fund to crypto ETFs.
Fulop, a prominent figure in Jersey City politics since 2013, emphasized the increasing permanence of cryptocurrencies in the financial landscape.
“Not my normal subject matter in a post but I’ll share anyway – the question on whether [c]rypto/Bitcoin is here to stay is largely over [and] crypto/Bitcoin won,” he wrote in his post.
Jersey City’s Pension Fund Navigates Regulatory Process
The municipal pension fund, known as the Employees Retirement System of Jersey City, is currently navigating regulatory requirements with the U.S. Securities and Exchange Commission (SEC) to integrate a portion of its assets into Bitcoin ETFs.
Mayor Fulop indicated that this transition is anticipated to be finalized “by end of the 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 #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
While specific details regarding the allocated percentage of pension funds to bitcoin ETFs remain undisclosed, Mayor Fulop hinted that Jersey City’s approach would mirror Wisconsin’s state pension fund, which committed a 2% allocation to Bitcoin ETFs earlier this year.
The chosen Bitcoin ETF for Jersey City’s investment remains unspecified at this stage.
Fulop also highlighted his enduring belief in the transformative power of decentralized ledgers.
“I’ve been a long time believer (through ups/downs) in crypto but [b]roadly, beyond crypto [I] do believe blockchain is amongst the most important new technology innovations since the internet,” Mayor Fulop asserted.
The move aligns with a gradual trend of public pension funds showing interest in cryptocurrencies, with notable examples like Wisconsin’s State of Wisconsin Investment Board making a substantial $160 million investment in spot bitcoin ETFs earlier this year.
While larger entities like the Government Pension Investment Fund of Japan have also explored the realm of bitcoin investments, smaller funds like the Houston Firefighters’ Relief and Retirement Fund have maintained crypto exposure for several years.
Bitcoin Became First Cryptocurrency to Debut on Las Vegas Sphere
Bitcoin has made an appearance on the Las Vegas Sphere, a colossal globe-like screen visible from miles away, courtesy of an advertisement from crypto exchange Crypto.com.
Bitcoin, the largest cryptocurrency by market capitalization and the pioneer of the broader crypto industry, has become the first to secure the advertising spot.
However, it wasn’t the only contender.
Back in March, the community behind the Dogwifhat (WIF) meme coin raised over $700,000 to feature their token on the Sphere.
As reported, digital asset investment products saw a substantial inflow of $1.35 billion last week, bringing the total inflows over the past three weeks to an impressive $3.2 billion.
Bitcoin remained a popular choice among investors, attracting $1.27 billion in inflows last week.