A Jersey City pension fund will allocate a portion of its portfolio to a Bitcoin ETF, signaling growing interest from institutional investors in the cryptocurrency market.
A Jersey City pension fund, in the state of New Jersey, USA, has announced plans to invest in Bitcoin through ETFs, marking a new step for the adoption of cryptocurrency in traditional investment portfolios.
The above information was Chia by Mayor Steven Fulop on social network X on July 25.
Jersey City's decision came after the Wisconsin state pension fund made a $160 million investment in Bitcoin ETF earlier this year. Although specific numbers have not been announced, Mayor Fulop said Jersey City's allocation will be similar to Wisconsin, about 2% of total assets under management.
Growth potential from Blockchain technology
Explaining this decision, Mr. Fulop affirmed his belief in the potential of Bitcoin and blockchain technology , saying that this is one of the most important technological innovations since the birth of the Internet.
The market currently has many Bitcoin ETFs listed on US stock exchanges, allowing investors to access Bitcoin more easily and safely. However, it is currently unclear which ETF Jersey City will choose for its investment portfolio.
The entry of notoriously Capital pension funds into the cryptocurrency market shows that perceptions of Bitcoin and its profit potential are gradually changing. In the future, the wave of investment from large organizations will likely continue to increase, contributing to the sustainable development of the cryptocurrency market.
