Jersey City-based investment Bitcoin ETF: Applies to SEC to allocate 2% of retirement funds to cryptocurrencies

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Retirement Funds Embrace Cryptocurrency Investments in Cities

The retirement fund in Jersey City, New Jersey, is set to invest in Bitcoin through an ETF, as announced by Mayor Steven Fulop on Thursday via Twitter. He mentioned that the Jersey City retirement fund is submitting documents to the SEC to allocate 2% of the fund to a Bitcoin ETF, following in the footsteps of Wisconsin. American retirement funds have purchased over a billion dollars' worth of Bitcoin ETF, with scholars hoping that other states in the U.S. will follow suit. According to Steven Fulop's tweet, this process is expected to be completed by the end of the summer.

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

Mayor Steven Fulop: Bitcoin Has Already Won

Steven Fulop, who has been the Mayor of Jersey City since 2013, stated: "This isn't something I typically talk about, but I'll share this - the debate over whether cryptocurrency/bitcoin is here to stay is basically over, cryptocurrency/bitcoin has won." This emphasizes Steven Fulop's confidence in the long-term presence and success of cryptocurrency.

Public Pension Funds Show Growing Interest in Bitcoin

Public pension funds are showing increasing interest in Bitcoin and cryptocurrency. Wisconsin's public retirement plan manages around $156 billion in assets and has made a significant investment of $160 million in a Bitcoin spot ETF this year. Smaller retirement funds, such as the Houston Firefighters' Relief and Retirement Fund with around $5 billion in assets, have also been investing in cryptocurrency for years.