Mayor of Jersey City is investing pension funds in Bitcoin ETFs

• The Mayor of Jersey City, Steven Fulop, plans to invest pension funds in Bitcoin ETFs.
• fulop compares the investment with the two percent crypto allocation of the Wisconsin Pension Fund.
• Bitcoin ETFs approved by the SEC only encounter minimal acceptance at large financial institutions.

The Mayor of Jersey City, Steven Fulop, has announced plans to invest part of the city's pension fund in Bitcoin ETFs.

fulop, who has held the office since 2013, announced on July 25 that the city's pension fund was there to update its documents at the US stock exchange supervision SEC to record this new investment strategy.

Mayor Fulop believes in the potential of blockchain and crypto

In a explanation shared to X, Mayor Fulop expressed his longstanding belief in the potential of cryptocurrency and blockchain technology. He did not state the exact percentage of the fund, which is to be assigned to Bitcoin ETFs, but indicated that this would be comparable to the 2%assignment of the Wisconsin Pension Fund.

fulop emphasized his trust in the transformative power of the blockchain and described it as one of the most important technological innovations since the Internet.

not my usual topic in a post, but I will still share it - the question of whether Krypto/Bitcoin will stay here is largely over + crypto/Bitcoin. The #jerseycity The pension fund is updated for the second to assign the fund Bitcoin-ETFS… https://t.co/5ineqrqhgm

- steven fulop (@stevenfulop) 25. July 2024

Jersey City is investing together with the state of Wisconsin in Bitcoin ETFS

fulop's step brings Jersey City in line with the State of Wisconsin Investment Board, which reported his participation in Spot-Bitcoin ETFs from Grayscale and Blackrock in May. At this point, Wisconsin's crypto investments were $ 164 million from its approximately $ 156 billion in assets.

The approval of the SEC for the listing and trade of Spot-Bitcoin ETFs on US exchanges has paved the way for such investments.

However, publicly guided pension funds have slowly adopted this strategy; Only Wisconsin and Jersey City are currently considering crypto ETFs.

Interestingly, Mayor Fulop mentioned no plans to invest in Spot ether ETFs, whose trade began in the USA on July 23.

Great financial institutions such as Wells Fargo and JPmorgan Chase have only made minimal investments in spot bitcoin ETFs, overall of less than one million dollars-a negligible fraction of their huge wealth athletes.

This initiative by Mayor Fulop is an important step for Jersey City and could create a precedent for other municipalities to examine similar investments in the aspiring area of ​​cryptocurrencies.