Jersey City, New Jersey, has announced plans to invest a portion of its pension fund into Bitcoin ETFs, a move confirmed by Mayor Steven Fulop on Thursday. This decision positions Jersey City among the early municipal adopters of Bitcoin EFTs for pension funds in the United States.
In a statement shared on X, Fulop revealed that the city's pension fund is currently updating its paperwork with the U.S. Securities and Exchange Commission (SEC). He anticipates the process to be completed by the end of the summer, signaling the city's confidence in the staying power and future relevance of Bitcoin.
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
"The question on whether crypto and bitcoin is here to stay is largely over, and crypto and bitcoin won," Fulop expressed in his post on X. He also acknowledged his long-standing belief in the potential of Bitcoin, which he considers one of the most significant technological advancements since the internet.
The move by Jersey City reflects a growing trend among institutional investors, as shown by the State of Wisconsin Investment Board's recent filing. In May, the board disclosed owning $163 million worth of spot Bitcoin ETF shares, with substantial investments in BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust.
Bloomberg Senior ETF analyst Eric Balchunas commented on the significance of large institutions appearing in 13F filings, noting that it typically takes a year or so for ETFs to gain sufficient liquidity to attract such investors. However, the early inclusion of these investments indicates an extraordinary level of interest, suggesting that more institutions are likely to follow suit.
Mayor Fulop, who is also a candidate seeking the Democratic nomination for New Jersey governor, has expressed his certainty that the allocation to Bitcoin ETFs will become a more common practice among pension funds in the future.
