New Jersey wants to invest city pension fund in crypto ETFs

Mayor Steven Fulop of Jersey City has announced plans to invest part of the city’s pension fund into Bitcoin ETFs. In a post on X, he stated that:

“Not my normal subject matter in a post but I’ll share anyway – the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won.”

The city is working on paperwork with the SEC to allocate a percentage of the pension fund to Bitcoin ETFs, hoping to complete it by the end of the summer. 

This follows the Wisconsin Pension Fund’s lead, which has already put 2% of its assets into Bitcoin ETFs. Fulop is optimistic, saying: 

“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.”

Jersey City isn’t the only place getting cozy with crypto. Over in Los Angeles, the crypto scene is booming. The city has more than 1,710 Bitcoin ATMs—the most in the world—and a growing number of businesses dealing in blockchain. 

Companies like Blockchain Council and Genesis Lab are buzzing with activity, making LA a legit crypto hub. Houston, Texas, is also making waves. It has 1,339 Bitcoin ATMs, ranking second worldwide. 

The city’s crypto ecosystem includes over 200 merchants accepting Bitcoin. Wyoming has been ahead of the curve with crypto-friendly laws.

The state has passed several pieces of legislation recognizing cryptocurrency as property and even created a new type of bank charter specifically for crypto businesses.

This has attracted a host of startups. In Texas, the story is similar but with a twist. The state has passed laws clarifying the legal status of cryptocurrencies, making it a welcoming environment for Bitcoin mining operations. 

Texas’s abundant energy resources are a big draw for these activities. Governor Greg Abbott has been very open about his support for cryptocurrency.

Miami is another city going full throttle on crypto. Mayor Francis Suarez is a big fan, advocating for Bitcoin and even launching MiamiCoin, the city’s cryptocurrency. Miami has become a hotspot for major crypto conferences, drawing attention from around the world.

Last, we have Nashville. The city is currently hosting the Bitcoin2024 conference, attracting Donald Trump, Robert F. Kennedy Jr., and Senators Marsha Blackburn and Bill Hagerty to attend. Nashville even has Bitcoin Park, a private space dedicated to crypto lovers.