The mayor of Jersey City announced Thursday that New Jersey’s second-largest city intends to allocate a portion of its pension fund to a spot Bitcoin ETF.
“tea“The question of whether cryptocurrencies/Bitcoin will continue to exist is all but over,” Mayor Stephen Fulop said in a Twitter post. “Cryptocurrencies/Bitcoin have won.”
Pullop announced that the Jersey City Employees Pension System, the pension plan for city employees, has updated its filings with the U.S. Securities and Exchange Commission (SEC) to allocate a percentage of its funds to a Bitcoin ETF.
He elaborated that he expects that allocation to approach 2 percent of the fund, consistent with the investments of the Wisconsin State Pension Fund. Early this spring.
Pullop said the move is expected to be completed before the end of summer.
“I’m confident that it will eventually become more common,” the mayor said of other state and local pension funds adding cryptocurrencies to their portfolios. “I believe that blockchain is one of the most important new technological innovations since the Internet.”
The announcement comes as Fulop seeks to build support for his bid to become New Jersey’s next governor. While that election won’t be held until November 2025, the Democratic primary field for the race is already filled with a number of prominent contenders.
In recent months, expressing support for cryptocurrencies has become a means of garnering significant campaign donations from pro-cryptocurrency forces. Companies and Executive team. Fairshake, an industry super PAC, has already raised some. $230 million Through this election cycle Will be the largest independent political spender in 2024.
That level of funding appears to have upended conventional political calculations. In recent months, former President Donald Trump has gone from being ambivalent about cryptocurrencies to Avid fan of the industryTrump is scheduled to speak on Saturday. Bitcoin Conference In Nashville.
The Democratic Party seems to be taking note of this. Decode First reported Earlier this week, Vice President Kamala Harris’s campaign asked Mark Cuban a series of questions about cryptocurrencies just 48 hours after he launched his presidential campaign.
Edited by Ryan Ozawa.
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