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Jersey City Mayor Steven Fulop has become one of the first local government officials to openly announce an investment in Bitcoin. In a series of recent social media posts, the mayor celebrated Bitcoin’s permanence, announcing his city’s plans to incorporate Bitcoin ETFs into their pension fund. This, indeed, is a bold step following suit from others showing that crypto investments are gaining ground. Fulop celebrated blockchain technology for its revolutionary aspect, just like the internet. In this way, Jersey City potentially becomes, for the US, the first in adopting cryptocurrencies at a municipal level by making sure that pension fund allocations are updated to include digital assets before the end of summer—part of fulfilling his vision of using bleeding-edge technologies in increasing economic resilience. Even though a portion of the population is calling cryptocurrency too volatile, the drive has mostly sparked excitement and cautious optimism in equal measure from both the common man and financial experts. In fact, Fulop’s support does not only give more power to the crypto community but also brings Jersey City into focus as one of the towns that take the lead in this movement toward welcoming technological advancements for future financial planning.
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