Mayor Fulop, who led Jersey City since 2013, revealed the city’s plans to include Bitcoin ETFs in its documentation with the US SEC.
Jersey City plans to amend its pension fund regulations to incorporate Bitcoin exchange-traded funds (ETFs). Mayor Steven Fulop announced the initiative on July 25.
This development marks the city’s first significant step toward embracing virtual currencies as a viable investment option for public funds.Jersey City Invests in Bitcoin ETFs
Mayor Fulop, who has led Jersey City since 2013, revealed the city’s plans to include BTC ETFs in its documentation with the US SEC. This decision places Jersey City, the second-largest city in New Jersey, at the forefront of a financial revolution slowly gaining momentum across the US.
Jersey City’s move mirrors a recent decision by the Wisconsin Pension Fund, which gave 2% of its $156 billion assets to Bitcoin ETFs in the second quarter of the year.
This precedent suggests a growing trend among public pension funds to diversify their portfolios with cryptocurrency investments.
