Key Takeaways
- Jersey City plans to invest a portion of its pension fund in Bitcoin ETFs.
- Mayor Steven Fulop compares Bitcoin's significance to the internet.
- The State of Wisconsin Investment Board owns $163 million in spot Bitcoin ETF shares.
Jersey City, New Jersey, has announced plans to invest a portion of its pension fund in Bitcoin ETFs. Mayor Steven Fulop confirmed the move on Thursday, marking Jersey City as one of the early adopters of Bitcoin ETFs for municipal pension funds in the U.S.
Mayor Fulop shared on X that the city’s pension fund is updating its paperwork with the U.S. Securities and Exchange Commission (SEC). He expects this process to conclude by the end of the summer, highlighting the city’s confidence in Bitcoin’s future relevance.
Fulop posted on X:
The question on whether crypto and Bitcoin is here to stay is largely over, and crypto and Bitcoin won.
He emphasized his long-standing belief in Bitcoin’s potential, likening its significance to that of the internet.
This move by Jersey City is part of a broader trend among institutional investors. For example, the State of Wisconsin Investment Board recently revealed it owns $163 million worth of spot Bitcoin ETF shares, with major investments in BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust.
Bloomberg Senior ETF analyst Eric Balchunas noted that the appearance of large institutions in 13F filings typically takes about a year for ETFs to gain liquidity. However, the early adoption by such investors signals an extraordinary level of interest, suggesting more institutions may follow.
Mayor Fulop, who is also running for the Democratic nomination for New Jersey governor, believes that allocating pension funds to Bitcoin ETFs will become more common in the future.
