Steven Fulop, mayor of Jersey City, New Jersey, announced Thursday that the city's pension fund will invest a percentage into Bitcoin ETFs. 

Jersey City's pension fund is updated paperwork with the U.S. Securities and Exchange Commission, Fulop wrote on the social media platform X, drawing parallels to the Wisconsin Pension Fund. The mayor estimates the process will be done by the end of the summer.

"The question on whether crypto and bitcoin is here to stay is largely over, and crypto and bitcoin won," Fulop wrote on X. "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 innovation since the internet."

Spot bitcoin ETF inflows reached $1.47 billion on July 24, with …