Jersey City Pension Fund to Invest in Bitcoin ETFs, Mayor Says ‘Bitcoin Won’

The verdict is in, Bitcoin and crypto are here to stay—at least that’s what Steven Fulop, the mayor of Jersey City in New Jersey says.

Fulop announced Thursday via the social media platform X that Jersey City’s pension fund will be investing in Bitcoin ETFs, comparing the plan to the US state of Wisconsin’s pension fund, which earlier this year allocated two per cent of its fund to Bitcoin ETFs. 

As part of his announcement Fulop shared his view that Bitcoin and crypto have “won”, adding that he’s long believed in the potential of crypto and sees blockchain as one of the most important innovations since the internet.

The Jersey City mayor said the paperwork to allow the fund to invest in Bitcoin ETFs is currently being worked on and should be completed by the end of the US summer.

Related: US Spot Bitcoin ETFs Hit $16 Billion in Lifetime Inflows After Buying the Dip 

Blockchain One of the Most Important Tech Innovations Since the Internet, Says Mayor

Fulop’s announcement that Jersey City’s pension fund will be investing in Bitcoin ETFs was light on detail—he didn’t specify how much will be allocated or what the investment strategy might look like. The one clue Fulop did give was in comparing his plans to those of Wisconsin’s, suggesting Jersey City might be looking at a similar allocation of around 2%.

The Jersey City mayor did express his love for crypto, saying the debate over whether crypto is just a flash in the pan is over—and crypto has prevailed:

The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won.

Steven Fulop, Mayor of Jersey City

Fulop also said he believes blockchain is one of the most important technological innovations since the creation of the internet:

I’ve been a long time believer (through ups/downs) in crypto but broadly, beyond crypto I do believe blockchain is amongst the most important new technology innovations since the internet.

Steven Fulop, Mayor of Jersey City

Bitcoin And Crypto Becoming More Politically Popular

In the past few months supporting Bitcoin and crypto generally has become a more popular political position on both the left and right sides of the political spectrum.

Fulop is vying to be selected as the Democratic candidate as the governor of New Jersey next year. Although the campaign hasn’t officially started yet, his public embrace of Bitcoin and crypto may be intended to send a signal to voters. Just a few years ago after the collapse of FTX, it was virtually unthinkable that publicly spruiking crypto could be a positive for any politician—how the tables have turned.

At the federal level, crypto is also playing a prominent role in this year’s Presidential election with Donald Trump aggressively courting the crypto vote throughout his campaign, going as far as declaring himself the “crypto president”. This effort has resulted in increased support from hodlers and sizeable donations from the crypto and broader tech industry to pro-crypto candidates.

Related: Mark Cuban Reveals: Kamala Harris Reached Out with ‘Multiple Questions’ on Crypto

And now, in a shift from Biden’s largely anti-crypto position, Kamala Harris has sought input from the likes of Mark Cuban to help craft her crypto policy—signalling a possible embrace of crypto by both sides of US federal politics.