Jersey City Bets on Bitcoin ETFs
Spot ETH ETFs may have just launched, yet institutions remain captivated by BTC as their crypto asset of choice.
What’s the Scoop?
- Pension Purchaser: The Jersey City Pension Fund has filed paperwork with the Securities and Exchange Commission (SEC) to allocate a percentage of its assets to BTC through its recently launched spot ETFs.
- BTC Bull: Jersey City Mayor Steven Fulop, who is also seeking the Democratic nomination for New Jersey Governor, proclaimed in his statement Bitcoin is here to stay and cited blockchain as one of the most important innovations since the internet.
Bankless Take:
It is certainly encouraging to see alternative types of financial firms beyond investment advisors and hedge funds purchasing BTC, however, purchases from pension funds like Jersey City remain isolated events.
Encouragingly, Republican Presidential Nominee Donald Trump and Wyoming Senator Cynthia Lummis appear to be supporting efforts to establish federal BTC reserves, which would provide immense legitimacy to the asset and increase adoption among other highly desirable purchaser categories.
Not my normal subject matter in a post but I’ll share anyway - the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. The #JerseyCity pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs… https://t.co/5iNEqRqHGM
— Steven Fulop (@StevenFulop) July 25, 2024