Jersey City is set to become the latest municipality to embrace Bitcoin. The city’s pension fund is in the final stages of securing regulatory approval to invest a portion of its assets in Bitcoin exchange-traded funds (ETFs).
The New Jersey city is expected to complete the necessary regulatory filings with the Securities and Exchange Commission (SEC) by the end of the summer. The exact percentage of the pension fund to be allocated to Bitcoin ETFs has not yet been disclosed.
This move follows a similar decision by the Wisconsin Pension Fund, which has already invested 2% of its portfolio in Bitcoin ETFs.
While announcing the news Mayor Steven Fulop said, ” I’ve been a long-time believer (through ups/downs) in crypto but Broadly, beyond crypto I do believe blockchain is amongst the most important new technology innovations since the internet.”
The move comes as the cryptocurrency industry is experiencing a surge in institutional interest. High-profile events like the upcoming Bitcoin 2024 conference in Nashville, Tennessee, are further solidifying Bitcoin’s position as a mainstream asset. The conference is expected to draw thousands of attendees, including industry leaders, policymakers, and investors, underscoring the growing influence of Bitcoin in the global financial landscape.
