In a surprising but noteworthy announcement, New Jersey Mayor Steven Fulop revealed a major shift in the financial strategy of the Jersey City retirement fund. Fulop recently shared on Twitter that the pension fund is updating its filing with the SEC to allocate a percentage of the fund to a Bitcoin ETF.
The decision mirrors the Wisconsin State Pension Fund’s recent move to allocate 2% of its portfolio to BTC ETFs, indicating a growing trend among major institutional investors.
Bitcoin: A new option for retirement funds?
Fulop’s tweet sparked significant interest and discussion, shedding light on the increasing acceptance of cryptocurrencies as a legitimate asset class, with Bitcoin leading the way.
This isn’t my normal topic in posts, but I’ll share it anyway – the question of whether crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. this #jerseycity Retirement fund is updating SEC filings to allocate % of fund to Bitcoin ETF…
— Steven Fulop (@StevenFulop) July 25, 2024
The implementation is set to be finalized by late summer. Fulop is confident that this trend will soon become commonplace among retirement funds. Including a BTC ETF in retirement fund portfolios underscores the growing mainstream adoption of cryptocurrencies.
Long time believer in blockchain
Mayor Fulop also reiterated his longstanding belief in the potential of cryptocurrency and blockchain technology. He stated, “I have been a believer in cryptocurrencies for a long time (through its ups and downs), but overall, aside from cryptocurrencies, I do believe that blockchain is one of the most important new technological innovations since the Internet.” This sentiment reflects the increasing recognition of blockchain’s transformative power in various sectors beyond financial markets.
Bullish sentiment
The announcement coincides with the commencement of the Bitcoin Conference 2024, which has drawn notable attendees, including former President Donald Trump.
With BTC trading near the $65,000 mark and a bullish community outlook, optimism prevails. This positive sentiment stems from heightened institutional interest and endorsements from influential figures.
The Jersey City retirement fund’s decision to invest in a Bitcoin ETF is a significant step in the widespread adoption of cryptocurrency investing. As more institutional investors acknowledge the value and potential of cryptocurrencies, we are likely to witness a continued rise in the adoption and integration of cryptocurrencies into traditional financial systems.
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