Jersey City Joins Wisconsin in Investing Pension Funds in Bitcoin ETFs
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
