Jersey City’s Municipal Pension Fund to Invest in Bitcoin ETFs

Jersey City’s Municipal Pension Fund to Invest in Bitcoin ETFs

Jersey City’s municipal pension plan, known as the Employees Retirement System of Jersey City, is set to invest in Bitcoin through exchange-traded funds (ETFs). Mayor Steven Fulop announced the plans on X, highlighting the increasing acceptance and permanence of cryptocurrencies in the financial landscape. Fulop emphasized that the debate over the viability of Bitcoin and crypto is settled, declaring, “crypto/Bitcoin won.”

Regulatory Navigation for Pension Fund Investment

The pension fund is currently working through regulatory requirements with the U.S. Securities and Exchange Commission (SEC) to allocate a portion of its assets to Bitcoin ETFs. Mayor Fulop expects this transition to be finalized by the end of the summer. Although specific details about the percentage of funds to be allocated remain undisclosed, it is expected to follow Wisconsin’s state pension fund’s model, which committed 2% to Bitcoin ETFs earlier this year. The specific Bitcoin ETF for Jersey City’s investment has not been revealed.

Mayor Fulop, a long-time supporter of blockchain technology, expressed his belief in its transformative potential, stating, “I do believe blockchain is amongst the most important new technology innovations since the internet.”

Growing Trend of Public Pension Funds in Cryptocurrencies

Jersey City’s move aligns with a broader trend of public pension funds investing in cryptocurrencies. Earlier this year, the State of Wisconsin Investment Board made a substantial $160 million investment in spot Bitcoin ETFs. Other entities, like Japan’s Government Pension Investment Fund and the Houston Firefighters’ Relief and Retirement Fund, have also shown interest in crypto investments.

Bitcoin’s Visibility on Las Vegas Sphere

In related news, Bitcoin became the first cryptocurrency to appear on the Las Vegas Sphere, a massive globe-like screen, thanks to an advertisement by crypto exchange Crypto.com. Bitcoin’s market capitalization and pioneering status in the crypto industry secured it this prominent advertising spot. Meanwhile, the Dogwifhat (WIF) meme coin community raised over $700,000 in March to feature their token on the Sphere.

Recent data shows digital asset investment products saw substantial inflows, with $1.35 billion last week, bringing the total over the past three weeks to $3.2 billion. Bitcoin remained a top choice among investors, attracting $1.27 billion in inflows last week.

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