Jersey City’s Spot Bitcoin ETF Plans
Jersey City is making headlines by announcing its municipal pension plan will invest in Bitcoin through spot Bitcoin ETFs. This strategic move is seen as a significant milestone for broader crypto adoption. Mayor Steven Fulop revealed that a portion of the city’s pension fund will be allocated to Bitcoin ETFs, following Wisconsin’s similar investment strategy. The allocation is expected to be completed by the end of the summer.
A Long-Time Supporter Of Crypto
Mayor Steven Fulop, a long-time proponent of cryptocurrencies, particularly Bitcoin, emphasized the importance of blockchain technology and its transformative potential. Fulop, a Democrat, is also preparing for New Jersey’s 2025 gubernatorial election, aligning his pro-crypto stance with the increasing interest in digital assets.
Wisconsin Announced Similar Plan
Jersey City’s move mirrors Wisconsin’s recent investment in Bitcoin ETFs. Wisconsin disclosed purchasing 94,562 shares of BlackRock’s iShares Bitcoin Trust, valued at nearly $100 million, marking the first state-level investment in Bitcoin ETFs. This trend of institutional investment in crypto ETFs is gaining traction, reflecting a broader acceptance of digital assets.
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