Jersey City Mayor Steven Fulop has announced a plan to allocate a percentage of the city’s pension fund to buy Bitcoin ETFs. In a post to X, the mayor shared his support for the crypto industry, Bitcoin in particular. “The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won,” the post reads. “The Jersey City pension fund is in [the] process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs.”
The state of Wisconsin has done a similar thing with its pension fund, allocating 2% to Bitcoin ETFs. Mayor Fulop says that he plans to have the project done before the end of the summer, and “I’m sure eventually it will be more common.”
The Jersey City mayor reveals his “long-time” support for the crypto industry, from the ups to the downs. “Broadly, beyond crypto, I do believe blockchain is amongst the most important new technology innovations since the internet,” he says. In a time where more support is rallying around Bitcoin and crypto on a governmental level, politicians appear to be more open to the concept, and sharing their opinions on the topic has become important in campaigns.
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The Bitcoin ETF industry has blown up since its launch in January 2024. Billions in inflows have taken place over the past 6 months, and hype is only growing. Now that Ethereum ETFs are available for trade, cryptocurrency ETFs are becoming a reality. Cryptocurrency was a topic of debate during the ongoing presidential election. Crypto regulation is also a hot topic of debate in the US government, both in Congress and the Senate.
More cities nationwide will likely establish funds dedicated to crypto ETFs like Bitcoin and Ethereum. Jersey City won’t be the last to create a Bitcoin ETF fund. It’s unclear how long the process will take for the city to do so, or if the concept will succeed.