Jersey City’s pension fund is set to allocate resources toward bitcoin ETFs, a process it initiated earlier this year. Mayor Steven Fulop indicated interest in engaging with BTC funds, citing a potential allocation of about $100 million. Following discussions with the pension fund’s board, the fund is preparing to identify BTC as part of its investment strategy, planning to enter the market within the next three weeks. Board members raised concerns about the time horizon for holding these assets, prompting a review of investment rules, which was completed last month. The pension fund, worth approximately $225 million, is considering BTC products from BlackRock and Fidelity, aiming for a starting position of around 2%. Fulop noted the parallels between gold and bitcoin and expressed confidence in bitcoin's future value, considering market volatility. He indicated a growing confidence in cryptocurrency as a viable asset class, though the fund is currently focusing solely on bitcoin rather than Ethereum or other cryptos. The city is not yet considering accepting crypto for payments due to price fluctuations.

Source 🔗