Jersey City to Invest Pension Fund in Bitcoin ETFs, Marking Pioneering Move in Municipal Finance

Mayor Steven Fulop announced on July 25 that the city is updating its SEC documentation to include Bitcoin ETFs in its pension investments.

Jersey City officials are set to make history in municipal finance by investing a portion of the city’s pension fund in Bitcoin exchange-traded funds (ETFs).

Mayor Steven Fulop announced on Monday that the city will be updating its Securities and Exchange Commission (SEC) documentation to include Bitcoin ETFs in its pension investments. This follows the Wisconsin Pension Fund’s recent decision to allocate 2% of its assets to Bitcoin ETFs.

“The debate on whether Crypto/Bitcoin is here to stay is largely settled, and crypto/Bitcoin has won,” said Mayor Fulop, who has been a proponent of cryptocurrency and blockchain technology since taking office in 2013. He went on to highlight the importance of blockchain, calling it one of the most significant innovations since the internet.

The SEC’s approval of spot Bitcoin ETFs has paved the way for public pension funds to consider these investments, although Jersey City and Wisconsin are among the few exploring this path.

After receiving approval from the New York Department of Financial Services earlier this year, several major asset managers have begun offering Bitcoin ETFs. However, large financial institutions, such as Wells Fargo and JPMorgan Chase, have invested minimal amounts in these ETFs, indicating a cautious approach to the asset class.

Jersey City’s decision to include Bitcoin ETFs in its pension fund portfolio reflects a growing acceptance of digital assets in public portfolios. The implementation of this new investment strategy is expected to be completed by the end of the summer.

The above is the detailed content of Jersey City to Invest Pension Fund in Bitcoin ETFs, Marking Pioneering Move in Municipal Finance. For more information, please follow other related articles on the PHP Chinese website!