The mayor of Jersey City announced on Thursday that the second-largest city in New Jersey is seeking to allocate a portion of its pension fund to spot Bitcoin ETFs.
“The question on whether crypto/Bitcoin is here to stay is largely over,” Mayor Steven Fulop said in a Twitter post. “Crypto/Bitcoin won.”
Fulop announced that the Employees’ Retirement System of Jersey City, a pension plan for city employees, is currently updating paperwork with the U.S. Securities and Exchange Commission (SEC) to apportion a percentage of the fund to Bitcoin ETFs.
He elaborated that he expects that allocation to approach 2% of the fund, in line with the investment made by Wisconsin’s state pension fund earlier this spring.
Fulop said he anticipated that the move would be completed by the end of the summer.
“I’m sure eventually it will be more common,” the mayor said of other state and local pension funds adding crypto to their portfolios. “I do believe blockchain is amongst the most important new technology innovations since the internet.”
The announcement comes as Fulop attempts to secure support for a bid to become New Jersey’s next governor. While that election won’t be held until November 2025, the race’s Democratic primary has already filled up with numerous prominent contenders.
In recent months, signaling support for crypto has quickly become a means to acquire sizable campaign donations from pro-crypto companies and executives. Fairshake, an industry super PAC, has already amassed some $203 million this election cycle, making it the biggest independent political spender in 2024.
That level of funding appears to have upended pre-existing political calculus. In recent months, former president Donald Trump has evolved from ambivalent about crypto to an industry die-hard. On Saturday, Trump is set to speak at the Bitcoin Conference in Nashville.
Democrats appear to be taking note. As Decrypt first reported earlier this week, Vice President Kamala Harris’ camp reached out to Mark Cuban with multiple questions about crypto within 48 hours of kicking off her campaign for president.
Edited by Ryan Ozawa.
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