Jersey City Mayor Plans to Allocate Pension Fund to Bitcoin ETF

IconCryptoNewsTerminal Staff25 Jul, 2024

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Jersey City Mayor Plans to Allocate Pension Fund to Bitcoin ETF

Jersey City Mayor Steven Fulop has announced a plan to allocate a portion of the city’s pension fund to a Bitcoin exchange-traded fund (ETF). The move would make Jersey City the first municipality in the United States to invest in Bitcoin through its pension fund. Fulop believes that the investment will help to diversify the city’s portfolio and generate long-term returns for its retirees. The proposal has been met with mixed reactions. Some observers have praised Fulop’s forward-thinking approach, while others have raised concerns about the volatility of Bitcoin and the potential risks involved. If the plan is approved by the state, Jersey City will allocate a small portion of its pension fund to a Bitcoin ETF. The ETF will be managed by a professional investment firm, and the city will have no direct exposure to the underlying cryptocurrency. Fulop’s proposal is a sign of the growing interest in Bitcoin and other cryptocurrencies among institutional investors. As the cryptocurrency market matures, more and more investors are looking for ways to gain exposure to this new asset class.

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