In The Works: Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into Pension...
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’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. Related Reading:....
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The approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in January 2023 has opened the floodgates for significant institutional investment in the newly approved market. However, US states are also rushing to capitalize on the success of these ETFs by allocating a portion of their pension funds to reap profits and diversify their investments. Wisconsin, Jersey City, Michigan Allocate Millions To Bitcoin ETFs The first state to take the plunge was Wisconsin, which in May 2023 allocated approximately $98.6 million, or 2% of its pension fund, to BlackRock’s....
This week, bitcoin ATM manufacturer Kointron installed the State of New Jersey's first bitcoin ATM at the Smoke Shop Jersey City, 2822 Kennedy Blvd. The ATM is located at a popular smoke shop in the second-most populous city in New Jersey. The Kointron team and its founder Michael Singh have decided to launch the company's first bitcoin ATM at this specific part of the city because other companies have had success in similar locations. The Smoke Shop is located in the Journal Square area of Jersey City, the busiest area of city where the majority of employees, tourists and students visit....
The city will seek a vendor to help City Hall pay all or part of its employees' salaries in bitcoin. Residents would also have the option of using cryptocurrency to pay for city services.
The $5.5 billion pension fund for the U.S. city of Houston’s firefighters has announced an investment in bitcoin and ether. “This investment marks the first announced investment in digital assets by a public pension plan in the U.S.”
‘A Watershed Moment for Bitcoin and Its Place in Public Pensions’
The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the city of Houston’s firefighters, announced Thursday that it had purchased bitcoin and ether for the defined benefit plan’s portfolio. The....
A proposal from Miami’s Mayor Suarez to integrate bitcoin into city operations has received support from city commissioners. The post Mayor’s Proposal To Integrate Bitcoin Into Miami’s Operations Receives Approval appeared first on Bitcoin Magazine.