Jersey City Pension Funds Promoted to Get Into Bitcoin ETF Investment
The post Jersey City Pension Funds Promoted to Get Into Bitcoin ETF Investment appeared on BitcoinEthereumNews.com.
Key Points: Jersey City pension fund is planned to allocate to spot Bitcoin ETFs, following a similar move by Wisconsin’s pension fund. Mayor Steven Fulop expects the allocation process to be completed by the end of summer and views blockchain as a significant technological innovation. The decision reflects a broader trend of institutional acceptance of cryptocurrencies, despite limited engagement from major financial institutions. On Thursday, Jersey City Mayor Steven Fulop announced the Jersey City pension fund will attempt an investment of part of its assets in spot Bitcoin ETFs, similar to what Wisconsin’s pension fund did when it allocated 2% of its assets into such investments. Read more: State of Wisconsin Investment Board Buys Over $160 Million Spot Bitcoin ETFs Jersey City Pension Funds Can Be Invested in Bitcoin ETFs The Jersey City pension fund is in the process of changing its documents in the SEC to give way to this investment, which Mayor Fulop hopes to wrap up before summer is over. According to Fulop, he has been pro-crypto for a long time, believing that blockchain technology represents one of the most profound innovations since the internet. The move has mirrored a broader trend of growing governmental support for such cryptocurrency assets. This was reflected in Bitcoin ETFs, which, since listing, have seen heavy inflows; BlackRock’s IBIT not long ago outperformed Nasdaq’s QQQ on year-to-date performance. The opening provided by the approval of such ETFs by the SEC to public pension funds cannot be wished away. Contrary to the low engagement from larger players such as Wells Fargo and JPMorgan Chase, both having a combined less than $1 million in Bitcoin ETFs, Jersey City shows that digital assets are starting to make headway into institutional portfolios. Institutional Interest in Bitcoin Grows Despite Limited Major Bank Engagement Already, Wisconsin’s State…
Filed under: News - @ July 26, 2024 5:16 am