Jersey City Pension Fund Invests in Bitcoin ETFs

Jersey City's Pension Fund into Crypto Through Bitcoin ETFs

An entry point for Jersey City Pension fund into Bitcoin is through ETFs. Jersey City's mayor, Steven Fulop, is going on the record confirming the city's pension funding in crypto ETFs. This politician is an influential figure in the city's mayoral seat indeed, right from 2013.

Jersey City's Pension Fund Stands A Regulatory Chance

The city of Jersey City's Employees Retirement System reportedly is partnering with the U.S. Securities and Exchange Commission to try to get its investments in at least part of the system to be made in Bitcoin ETF products. Mayor Fulop believes this will be accomplished no later than the end of the summer.

Fulop wouldn't say more on the exact percentage of the pension fund that would start investing in Bitcoin ETFs. However, Wisconsin's state pension fund, the Wisconsin Investment Board, which recently announced a commitment of 2% to Bitcoin ETFs. Jersey City Pennsylvania hasn't also made a decision on which Bitcoin ETF, in specific, the city would be investing in.

The two have also publicly expressed their support for cryptocurrencies since time immemorial, whereby Fulop said, "Crypto/Bitcoin is here to stay, and blockchain is one of the most important tech innovations since the internet."

Public Pension Funds and Cryptocurrencies

Public pension funds are slowly warming to cryptocurrencies. Over the weekend, the State of Wisconsin Investment Board outed itself as an owner of spot Bitcoin ETFs to the tune of $160 million. Other smaller funds like the Houston Firefighters' Relief and Retirement Fund have also had crypto exposure for some years.

Bitcoin Debuts on Las Vegas Sphere

And most recently, the huge screen visible up to 4 miles away in Las Vegas, the Sphere. Notably, this was the first time it had been done for any cryptocurrency, and Bitcoin was the first one, being the cryptocurrency with the highest market capitalization.

The same cannot be said for the Doge WIF meme coin community which, in March, raised over $700,000 to place its token on the Sphere.

Digital asset investment products touched big inflows of $1.35 billion last week for a total of $3.2 billion in the three weeks. Bitcoin has continued to gain the most and has drawn $1.27 billion of those inflows in the past week.