- Mayor Steven Fulop has announced Jersey City pension fund’s plan to allocate a percentage to Bitcoin ETFs
- Fulop has revealed this news on X, following Wisconsin Pension Fund’s 2% Bitcoin ETF investment
- He has called blockchain a crucial tech innovation, predicting such moves will become more common
The mayor of Jersey City, Steven Fulop, has revealed that the Jersey City pension fund plans to allocate a percentage to Bitcoin ETFs, claiming “Bitcoin won.” Fulop revealed the news on X yesterday, saying that his constituency will mirror the actions of the Wisconsin Pension Fund, which put 2% of its fund into Bitcoin ETFs. Fulop added that he believed the move would become “even more common” over time, calling blockchain one of the most important tech innovations since the internet.
Fulop Praises Bitcoin and Blockchain
Fulop re-posted a post by Bitcoin Magazine celebrating the start of the Bitcoin 2024 conference in Nashville, revealing his city’s plans:
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
Fulop noted in his post that “the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won” before revealing Jersey City’s plans to “allocate % of the fund to Bitcoin ETFs similar to the Wisconsin Pension Fund has done (2%).” Fulop added that the process will be completed “by end of the summer” and added that he was sure that more pension funds would follow suit over the next few years.
Are The Floodgates About to Open?
Fulop also had kind words to say about blockchain technology, despite the fact it hasn’t taken off as expected:
I’ve been a long time believer (through ups/downs) in crypto but Broadly, beyond crypto i do believe blockchain is amongst the most important new technology innovations since the internet.
Wisconsin became the first US pension fund to add bitcoin to its balance sheets, buying more than $99 million worth of shares in Blackrock’s Bitcoin ETF and $64 million in Grayscale Bitcoin ETF shares.
The introduction of Bitcoin ETFs was long considered the gateway for pension funds to legitimately buy into Bitcoin and so it has proved. One wonders how many funds will hold Bitcoin in ten years’ time and will look back on this period as the asset’s biggest ever turning point.
