Jersey City Joins Wisconsin in Investing Pension Funds in Bitcoin ETFs
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Following Wisconsin's recent investment in Bitcoin through the BlackRock spot Bitcoin ETF, Jersey City, New Jersey, is also making moves into the cryptocurrency space.
Jersey City’s Mayor, Steven Fulop, has announced that a portion of the city’s pension fund will be allocated to Bitcoin ETFs. He expects this investment to be finalized by the end of the summer.
Fulop expressed his confidence in Bitcoin’s future, stating, “The debate over whether Bitcoin and crypto are here to stay is essentially settled. Bitcoin has proven its staying power.”
He further emphasized his belief in blockchain technology, calling it one of the most significant innovations since the internet.
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Wisconsin’s recent move also highlights the growing trend of institutional investments in Bitcoin. In May, the Wisconsin State Board of Investment revealed it had acquired $163 million in spot Bitcoin ETF shares.
This includes $100 million in BlackRock’s iShares Bitcoin ETF and $64 million in Grayscale’s Bitcoin Trust, among investments in other crypto-related companies like Coinbase and Block.