Jersey City’s Municipal Pension Fund to Invest in Bitcoin ETFs
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.
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
Read more on cryptonews.com
