Mayor Steven Fulop of Jersey City, USA, announced that the city will allocate a certain percentage of the retirement fund to purchase cryptos. He stated on social media X that he supports cryptos in the long term, regardless of market fluctuations, and believes that blockchain technology is one of the most important technological innovations since the advent of the internet.
On Thursday, Steven Fulop, the mayor of Jersey City, New Jersey, announced that the city's retirement fund plan will invest some of its funds in Bitcoin ETFs.
Fulop stated on social media platform X that Jersey City's retirement fund has submitted an updated document to the US Securities and Exchange Commission, similar to Wisconsin's practice of allocating 2% of its pension funds to Bitcoin ETFs. This process is expected to be completed by the end of summer, and I believe this approach will become more and more popular.
Fulop emphasized on X that I have been a firm supporter of cryptocurrencies for a long time, regardless of market fluctuations. But more importantly, I believe blockchain technology is one of the most important technological innovations since the birth of the internet.
According to data from The Block, on July 24th, the inflow of funds into Bitcoin ETFs surged to $0.147 billion, with BlackRock's IBIT fund contributing the majority, reaching as high as $86.531 million.
On Thursday, the plummeting of European and American tech stocks caused risk aversion to spread to the digital currency market. Bitcoin fell 0.82% to $65,160, reaching a low of $63,440 during the session. As of the time of writing, Bitcoin is trading at $65,976.
Editor/Somer