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Jersey City Mayor Steven Fulop announced on Thursday<\/a> that the city\u2019s municipal pension plan will soon invest in Bitcoin (BTC)<\/a> through exchange-traded funds (ETFs).<\/p>\n Not my normal subject matter in a post but I\u2019ll share anyway \u2013 the question on whether Crypto\/Bitcoin is here to stay is largely over + crypto\/Bitcoin won. The #JerseyCity<\/a> pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs\u2026 https:\/\/t.co\/5iNEqRqHGM<\/a><\/p>\n \u2014 Steven Fulop (@StevenFulop) July 25, 2024<\/a><\/p>\n<\/blockquote>\n The move follows a similar investment by a Wisconsin pension fund<\/a> earlier this year, signaling a growing trend among public retirement systems. Mayor Fulop, who has led Jersey City since 2013 and is now running for New Jersey governor in 2025, shared the news on social media platform X (formerly Twitter). He wrote:<\/p>\n The question on whether crypto\/Bitcoin is here to stay is largely over and crypto\/Bitcoin won.<\/p>\n<\/blockquote>\n Fulop added that the Employees Retirement System of Jersey City is currently updating paperwork with the U.S. Securities and Exchange Commission (SEC)<\/a> to allocate a portion of its funds to Bitcoin ETFs<\/a>. The investment is expected to be finalized by the end of summer.<\/p>\n While the exact percentage of assets to be invested wasn\u2019t specified, Fulop indicated it would be \u201csimilar\u201d to the 2% allocation made by Wisconsin\u2019s state pension fund earlier this year. The specific Bitcoin ETF for the investment has not been announced.<\/p>\n The mayor expressed his long-standing belief in cryptocurrency and blockchain technology, calling the latter \u201camongst the most important new technology innovations since the internet.\u201d<\/p>\n This development is part of a broader trend of growing interest in Bitcoin from public pension funds. Wisconsin\u2019s public pension plan, with approximately $156 billion in assets, invested $160 million in spot Bitcoin ETFs earlier this year<\/a>. Smaller funds, like the Houston Firefighters\u2019 Relief and Retirement Fund, have been invested in crypto for several years.<\/p>\n Back in late March, Japan\u2019s Government Pension Investment Fund was reportedly considering Bitcoin<\/a> as a potential investment diversification tool amidst economic and technological changes.\u00a0As of December 2023, GPIF managed assets totaling 225 trillion<\/a>\u00a0Japanese yen ($1.54 trillion), securing its position as the largest pension fund globally.<\/p>\n<\/p><\/div>\n\n
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Details still vague<\/h2>\n