New Jersey’s mayor intends to allocate funds to Bitcoin exchange-traded funds (ETFs) for the city’s pension fund

While Mayor Steven Fulop claimed to be a “long-time believer” in cryptocurrency, he made no reference to Bitcoin or any other tokens prior to July 25.

Mayor Steven Fulop of Jersey City has hinted that he intends to invest some of the city’s pension assets in cryptocurrency exchange-traded funds (ETFs).

Mayor Fulop announced in a July 25 X Post that the Jersey City pension fund was revising its documentation with the United States Securities and Exchange Commission (SEC) to indicate an investment in Bitcoin ETFs. Although the mayor did not specify the exact percentage of the fund that would be invested in cryptocurrency, he mentioned that it would be comparable to the 2% allocated by the Wisconsin Pension Fund.

Fulop stated, “I have been a long-standing supporter of cryptocurrency, despite its ups and downs. However, I am of the opinion that blockchain is one of the most significant technological advancements since the internet, in general.”

Spot Bitcoin ETFs from Grayscale and BlackRock were a risk for the State of Wisconsin Investment Board in May. At that time, the board’s assets amounted to approximately $156 billion, with the two crypto investments comprising $164 million.

In January, the SEC authorized the registration and trading of spot Bitcoin ETFs on US exchanges. However, cryptocurrency ETFs are currently being considered by publicly-run pension funds only in the states of Wisconsin and Jersey City. Mayor Fulop did not expressly mention the possibility of investing in spot Ether ETH ETFs, which commenced trading in the United States on July 23.

Major financial institutions Wells Fargo and JPMorgan Chase revealed a combined investment of less than $1 million in spot Bitcoin ETFs, which is a negligible portion of the firms’ trillions of dollars in assets. By the time of publication, Mayor Fulop had not responded to Cointelegraph’s request for comment.

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