Bitcoin (BTCUSD)

[ap17]

HERE THEY COME 🚀
BREAKING: Jersey City to invest in Bitcoin ETFs, the latest pension to dive into crypto

Bitcoin
Here’s something we weren’t expecting.

Steven Fulop, mayor of Jersey City, announced that he plans to allocate part of the city’s pension fund to the Bitcoin ETFs. 👀

In a July 25 Twitter post, Mayor Fulop explained his reasoning for this decision:

“The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. Jersey City pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs.”


Steven Fulop
Continuing on, Fulop mentions:

“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.”


Steven Fulop
Although Mayor Fulop did not explicitly state the exact percentage the fund would invest into Bitcoin, he did say it would be “similar to the Wisconsin Pension Fund (2%)”.

eb tweet
Now if you can remember all the way back to early May of this year, you would recall the big news surrounding the Wisconsin pension fund.

They were the first US pension fund to officially invest into the Bitcoin ETFs.

At the time, their investment totalled $164 million out of the funds $156 billion in assets.

Although this may not sound like much at first glance, make no mistake…

This is HUGE news.

And is only the beginning of institutional adoption.

BlackRock’s head of digital assets explains why we’re still early in the next section.