Steven Fulop, mayor of Jersey City and candidate for governor of New Jersey, said municipal pension funds are investing in bitcoin ETFs as an "inflation hedge", noting that the investment is a hedge against inflation and that he personally holds ETH in addition to BTC. Fulop said of the rising cost of living in the state and across the country: "The last few years have been very, very tough and it seems to be getting worse rather than worse.
The mayor of Jersey City, New Jersey, announced on Thursday that the city's pension fund will allocate a percentage of its investment to bitcoin exchange-traded funds (ETFs). Writing on social media platform X, Fulop said the Jersey City pension fund was updating its filings with the SEC, similar to the Wisconsin pension fund. The mayor estimated the process would be completed by the end of the summer. Fulop said: "The question of whether cryptocurrencies and bitcoin will continue to exist is ba...