Jersey Metropolis Pension Fund to Spend money on Bitcoin ETFs

Jersey Metropolis Mayor Steven Fulop announced on Thursday that the town’s municipal pension plan will quickly spend money on Bitcoin (BTC) by way of exchange-traded funds (ETFs).

Not my regular material in a put up however I’ll share anyway – the query on whether or not Crypto/Bitcoin is right here to remain is basically over + crypto/Bitcoin received. The #JerseyCity pension fund is in strategy 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 transfer follows a similar investment by a Wisconsin pension fund earlier this yr, signaling a rising development amongst public retirement techniques. Mayor Fulop, who has led Jersey Metropolis since 2013 and is now working for New Jersey governor in 2025, shared the information on social media platform X (previously Twitter). He wrote:

The query on whether or not crypto/Bitcoin is right here to remain is basically over and crypto/Bitcoin received.

Fulop added that the Staff Retirement System of Jersey Metropolis is at present updating paperwork with the U.S. Securities and Trade Fee (SEC) to allocate a portion of its funds to Bitcoin ETFs. The funding is predicted to be finalized by the tip of summer time.

Particulars nonetheless obscure

Whereas the precise share of property to be invested wasn’t specified, Fulop indicated IT can be “comparable” to the two% allocation made by Wisconsin’s state pension fund earlier this yr. The precise Bitcoin ETF for the funding has not been introduced.

The mayor expressed his long-standing perception in cryptocurrency and blockchain Technology, calling the latter “amongst crucial new Technology improvements for the reason that web.”

This growth is a part of a broader development of rising curiosity in Bitcoin from public pension funds. Wisconsin’s public pension plan, with roughly $156 billion in property, invested $160 million in spot Bitcoin ETFs earlier this year. Smaller funds, just like the Houston Firefighters’ Reduction and Retirement Fund, have been invested in crypto for a number of years.

Again in late March, Japan’s Authorities Pension Funding Fund was reportedly contemplating Bitcoin as a possible funding diversification instrument amidst financial and technological modifications. As of December 2023, GPIF managed property totaling 225 trillion Japanese yen ($1.54 trillion), securing its place as the most important pension fund globally.