Jersey City Pension Fund to Invest in Bitcoin ETFs, Announces Mayor Fulop

In a groundbreaking move, Jersey City's mayor, Steven Fulop, revealed on Thursday that the city is set to allocate a segment of its pension fund to spot Bitcoin ETFs, marking a significant step in the adoption of cryptocurrency by municipal financial systems.

"The debate on the permanence of crypto and Bitcoin is over," Fulop asserted in a Twitter announcement. "Crypto and Bitcoin have emerged victorious."

Fulop shared that the Employees’ Retirement System of Jersey City, which serves as the pension plan for city workers, is in the process of updating its documentation with the U.S. Securities and Exchange Commission (SEC) to facilitate this allocation. The expected investment in Bitcoin ETFs is projected to be around 2% of the total fund, mirroring a similar move by Wisconsin’s state pension fund earlier this year.

Fulop elaborated that this strategic shift should be finalized by the end of summer. "I foresee this becoming a common practice," he commented on the trend of state and local pension funds incorporating crypto into their investment portfolios. He also highlighted the revolutionary impact of blockchain technology, comparing its significance to that of the internet.

This announcement coincides with Fulop's campaign for New Jersey's gubernatorial race in 2025. Although the election is over a year away, the Democratic primary is already seeing a crowded field of notable candidates.