- Jersey City to invest portion of pension fund in Bitcoin ETFs
- Mayor Steven Fulop cites Wisconsin Pension Fund as precedent
- Process expected to conclude by summer’s end
In a groundbreaking move, Jersey City Mayor Steven Fulop announced plans to allocate a percentage of the city’s pension fund to Bitcoin ETFs. This decision marks a significant step in the mainstream adoption of cryptocurrency by municipal financial systems.
Fulop revealed that Jersey City is currently updating its paperwork with the SEC, drawing parallels to the Wisconsin Pension Fund’s recent crypto investments. The mayor, a long-time advocate for blockchain technology, believes that the debate over cryptocurrency’s staying power has largely been settled in its favor.
The investment is slated to be finalized by the end of summer, potentially setting a precedent for other cities to follow. This move comes amid a surge in Bitcoin ETF inflows, which reached $1.47 billion on July 24, with BlackRock’s IBIT leading the charge. As more institutions embrace cryptocurrency, Jersey City’s bold step could signal a broader shift in how municipal funds approach digital assets.