{"id":631640,"date":"2024-07-26T04:30:37","date_gmt":"2024-07-26T04:30:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=631640"},"modified":"2024-07-26T02:09:17","modified_gmt":"2024-07-26T02:09:17","slug":"in-the-works-jersey-city-mayors-plan-to-introduce-bitcoin-etfs-into-pension-funds","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/in-the-works-jersey-city-mayors-plan-to-introduce-bitcoin-etfs-into-pension-funds\/","title":{"rendered":"In The Works: Jersey City Mayor&#8217;s Plan To Introduce Bitcoin ETFs Into Pension Funds"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a significant development showcasing the growing <\/span><span style=\"font-weight: 400\">adoption of cryptocurrencies <\/span><span style=\"font-weight: 400\">within traditional financial systems, the Jersey City pension fund is in the process of allocating an undisclosed percentage of its assets to invest in Bitcoin ETFs.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Jersey City To Join Wisconsin In Bitcoin ETFs Investment<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to Jersey Mayor Steven Fulop, the city&#8217;s pension fund is currently <\/span><a href=\"https:\/\/x.com\/StevenFulop\/status\/91450015\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">updating its paperwork<\/span><\/a><span style=\"font-weight: 400\"> with the US Securities and Exchange Commission (SEC) to allow allocations to Bitcoin ETFs, mirroring a similar move by the Wisconsin Pension Fund earlier this year.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-down-sellers-unrelenting-best-time-to-buy-ada\/\" target=\"_blank\" rel=\"noopener \">Cardano Down 50% In 4 Months: Sellers Unrelenting, Best Time To Buy ADA?<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, the percentage of the fund&#8217;s allocation to Bitcoin ETFs remains undisclosed, pending final approval from the SEC, but is expected to be completed by the end of the summer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The issuer selected by the city&#8217;s fund to manage its investment was also not disclosed in Fulop&#8217;s announcement on Thursday. The Jersey City mayor also took to social media to comment on BTC and the <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/economist-predicts-90-chance-bitcoin-hits-new-high-by-march-2025\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">crypto industry<\/span><\/a><span style=\"font-weight: 400\"> stating:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Not my normal subject matter in a post but I\u2019ll share anyway &#8211; the question on whether Crypto\/Bitcoin is here to stay is largely over + crypto\/Bitcoin won.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Mayor Fulop, a self-described long-time believer in crypto, noted that beyond just cryptocurrencies, he believes<\/span><a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-will-reach-8000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> blockchain technology<\/span><\/a><span style=\"font-weight: 400\"> is &#8220;amongst the most important new technology innovations since the internet.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">As our sister site Bitcoinist <\/span><a href=\"https:\/\/bitcoinist.com\/blackrocks-bitcoin-etf-secures-99m-investment\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported <\/span><\/a><span style=\"font-weight: 400\">back in May, the Wisconsin State Investment Board allocated about $98.6 million, or 2% of its fund, to one of the most successful Bitcoin ETFs and asset managers, BlackRock&#8217;s iShares Bitcoin Trust.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Crypto ETF Frenzy Intensifies<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Following the recent approval of Ethereum ETFs by the SEC on Monday, asset managers are reportedly quickly ramping up efforts to launch a range of new crypto-based investment products.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-25\/wall-street-s-etf-engine-revs-up-after-17-billion-bitcoin-haul\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, industry giants like ProShares have already filed paperwork for six funds that would provide long and short exposure to both Bitcoin and Ethereum. Meanwhile, issuers like Hashdex are looking to package the two largest cryptocurrencies into a single investment vehicle.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/debunking-doubts-how-xrp-could-achieve-a-3-digit-surge-analyst\/\" target=\"_blank\" rel=\"noopener \">Debunking Doubts: How XRP Could Achieve A 3-Digit Surge \u2014 Analyst<\/a><\/div>\n<p><span style=\"font-weight: 400\">The rush of new product filings comes on the heels of the successful debuts of the first Bitcoin and Ethereum ETFs in the US in January and Tuesday, respectively, as they have collectively attracted more than $17.5 billion in <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/massive-mt-gox-bitcoin-shift-unlikely-to-disrupt-prices-says-cryptoquant-ceo\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">net inflows<\/span><\/a><span style=\"font-weight: 400\"> so far in 2024, dwarfing the flows of some major tech-focused ETFs. Athanasios Psarofagis, ETF analyst at Bloomberg Intelligence, said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The successful launches of the first crypto ETFs this year took many analysts by surprise, as the funds attracted significantly more assets than expected. This is clearly emboldening issuers to get even more creative in their efforts to capitalize on surging investor demand.<\/span><\/p><\/blockquote>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/line6cdN\/\" alt=\"Bitcoin ETFs\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1D chart shows BTC&#8217;s price trending downwards on Thursday. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the largest cryptocurrency on the market has tumbled over the past few hours and retreated to the $64,990 level, representing a 2.3% drop compared to Wednesday&#8217;s trading price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant development showcasing the growing adoption of cryptocurrencies within traditional financial systems, the Jersey City pension fund is in the process of allocating an undisclosed percentage of its assets to invest in Bitcoin ETFs. Jersey City To Join Wisconsin In Bitcoin ETFs Investment According to Jersey Mayor Steven Fulop, the city&#8217;s pension fund is currently updating its paperwork with the US Securities and Exchange Commission (SEC) to allow allocations to Bitcoin ETFs, mirroring a similar move by the Wisconsin Pension Fund earlier this year.\u00a0 Related Reading: Cardano Down 50% In 4 Months: Sellers Unrelenting, Best Time To Buy ADA? However, the percentage of the fund&#8217;s allocation to Bitcoin ETFs remains undisclosed, pending final approval from the SEC, but is expected to be completed by the end of the summer.\u00a0 The issuer selected by the city&#8217;s fund to manage its investment was also not disclosed in Fulop&#8217;s announcement on Thursday. The Jersey City mayor also took to social media to comment on BTC and the crypto industry stating:\u00a0 Not my normal subject matter in a post but I\u2019ll share anyway &#8211; the question on whether Crypto\/Bitcoin is here to stay is largely over + crypto\/Bitcoin won. Mayor Fulop, a self-described long-time believer in crypto, noted that beyond just cryptocurrencies, he believes blockchain technology is &#8220;amongst the most important new technology innovations since the internet.&#8221; As our sister site Bitcoinist reported back in May, the Wisconsin State Investment Board allocated about $98.6 million, or 2% of its fund, to one of the most successful Bitcoin ETFs and asset managers, BlackRock&#8217;s iShares Bitcoin Trust. Crypto ETF Frenzy Intensifies Following the recent approval of Ethereum ETFs by the SEC on Monday, asset managers are reportedly quickly ramping up efforts to launch a range of new crypto-based investment products. According to a Bloomberg report, industry giants like ProShares have already filed paperwork for six funds that would provide long and short exposure to both Bitcoin and Ethereum. Meanwhile, issuers like Hashdex are looking to package the two largest cryptocurrencies into a single investment vehicle. Related Reading: Debunking Doubts: How XRP Could Achieve A 3-Digit Surge \u2014 Analyst The rush of new product filings comes on the heels of the successful debuts of the first Bitcoin and Ethereum ETFs in the US in January and Tuesday, respectively, as they have collectively attracted more than $17.5 billion in net inflows so far in 2024, dwarfing the flows of some major tech-focused ETFs. Athanasios Psarofagis, ETF analyst at Bloomberg Intelligence, said: The successful launches of the first crypto ETFs this year took many analysts by surprise, as the funds attracted significantly more assets than expected. This is clearly emboldening issuers to get even more creative in their efforts to capitalize on surging investor demand. At the time of writing, the largest cryptocurrency on the market has tumbled over the past few hours and retreated to the $64,990 level, representing a 2.3% drop compared to Wednesday&#8217;s trading price.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":631646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,532,90555,9960,656,679,91762,1119,1122,1144,78790,6664,14690],"class_list":["post-631640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-blackrocks-ishares-bitcoin-etf","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>In The Works: Jersey City Mayor&#039;s Plan To Introduce Bitcoin ETFs Into Pension Funds<\/title>\n<meta name=\"description\" content=\"The Jersey City pension fund is in the process of allocating an undisclosed percentage of 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