The mayor of Jersey Metropolis is shifting to allocate 2% of town’s Pension Fund into BTC, whereas Robert F Kennedy needs The Fed to match its gold holdings in Bitcoin.
Politicians are more and more contemplating investing public funds into Bitcoin.
On July 25, Steven Fulop, the mayor of Jersey Metropolis, tweeted that he plans to allocate 2% of Jersey Metropolis’s pension fund into Bitcoin exchange-traded funds (ETFs). Fulop mentioned he’s presently updating paperwork with the U.S. Securities and Alternate Fee to formalize the funding and mobilize the funds “by the end of summer.”
“I’ve been a long-time believer… in crypto,” Fulop mentioned. “The question on whether crypto/Bitcoin is here to stay is largely over [—] crypto/Bitcoin won.”
Fulop took inspiration from the Wisconsin Pension Fund, which bought $160 million price of shares within the Bitcoin ETFs from BlackRock and Grayscale final month. Whereas the acquisition solely equated to 0.1% of the fund’s practically $160 billion portfolio, David Krause, the Marquette College Affiliate Professor of Emeritus Finance, mentioned he expects the fund to extend its publicity to between 1% of two% of the fund’s property over time.
The tweet got here sooner or later after Robert F Kennedy, an unbiased presidential candidate, mentioned he would need the U.S. Federal Reserve to put money into Bitcoin as a strategic reserve asset — focusing on an eventual allocation on par with its gold holdings throughout a panel on the Bitcoin 2024 convention in Nashville.
“I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately, have an equivalent amount of Bitcoin that we have gold,” Kennedy mentioned. “It’s a currency that is based on Proof of Work. Everything’s on the ledger, it’s decentralized, and that’s what we need to do with democracy.”
With the U.S. authorities rating because the world’s largest gold investor with $615 billion price of the dear steel, the U.S. central financial institution can be trying to accumulate 46% of Bitcoin’s provide based mostly on present costs.
Kennedy doesn’t look like alone in wanting the U.S. Federal Reserve to build up BTC.
On July 24, Fox Enterprise reported that Republican Senator Cynthia Lummis is engaged on a invoice requiring the U.S. central financial institution to put money into Bitcoin as a part of its strategic reserve asset holdings. The report cited “three crypto executives with knowledge of the bill,” claiming Lummis is searching for co-sponsorship from her Senate Banking Committee colleagues and should announce the laws in the course of the Bitcoin 2024 convention.
The information comes because the political temper concerning cryptocurrency seems to be turning, with the previous U.S. president and Republican presidential candidate, Donald Trump, lately going to nice lengths to courtroom the crypto business.
All eyes at the moment are on the brand new presidential nominee from the Democratic Social gathering, Kamala Harris, with crypto business advocates calling on Harris to equally run on a pro-crypto platform in distinction to the hostile regulatory surroundings overseen by the Biden administration.
Whereas Harris is but to announce a coverage platform concerning web3, Mark Cuban, the billionaire tech investor, revealed the Harris marketing campaign lately contacted him concerning crypto.
Bitcoin’s value is up 3.8% over the previous 24 hours, in response to The Defiant’scrypto value feeds.
