In an unexpected but notable announcement, Steven Fulop, the Mayor of New Jersey, has declared a significant shift in the financial strategy of the Jersey City pension fund. In a recent Twitter post, Fulop shared that the pension fund is updating its paperwork with the SEC to allocate a percentage of the fund to Bitcoin ETFs.
This move mirrors the Wisconsin Pension Fund’s recent decision to allocate 2% of its portfolio to BTC ETFs, signaling a growing trend among major institutional investors.
Bitcoin: The New Choice of Pension Funds?
Fulop’s tweet has stirred considerable interest and debate. The announcement underscores a broader acceptance of cryptocurrency as a legitimate asset class, with Bitcoin at the forefront of this shift.
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 move is expected to be completed by the end of the summer. Fulop expressed confidence that this will soon become common among pension funds. The decision to include BTC ETFs in the pension fund’s portfolio highlights the increasing mainstream adoption of cryptocurrency.
A Long-Time Believer in Blockchain
Mayor Fulop also emphasized his long-standing belief in the potential of cryptocurrency and blockchain technology. “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,” he stated. This sentiment reflects a growing recognition of blockchain’s transformative potential across various sectors beyond financial markets.
A Bullish Sentiment
The announcement coincides with the commencement of the Bitcoin Conference 2024, which has attracted high-profile participants, including former President Donald Trump.
BTC trades around the $65,000 mark, and the community is bullish. This optimism is fueled by increasing institutional interest and endorsements from influential figures.
The Jersey City pension fund’s decision to invest in Bitcoin ETFs is a significant development in the mass adoption of cryptocurrency investments. As more institutional investors recognize the value and potential of cryptocurrencies, we will likely see a continued increase in adoption and integration into traditional financial systems.
Also Read: Ethereum Projection for Next Week; Pull Back to a New High?
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