- Michigan State Pension Fund has added $6.6 million worth of Bitcoin ETFs to its portfolio.
- This move follows a similar decision by Jersey City, New Jersey, to allocate a portion of its pension fund to Bitcoin ETFs.
- The integration of Bitcoin ETFs into state pension funds could be a growing trend as more states recognize the potential of cryptocurrencies.
The state of Michigan has added Bitcoin ETFs to its pension fund, as they also disclosed a $6.6 million purchase. This shows that Bitcoin is continuing to gain mainstream adoption in finance.
Michigan Follows New Jersey in Adding Bitcoin to Pension Fund
Throughout 2024 Bitcoin has dominated the discussion in finance. That has primarily stemmed from its exchange-traded product approval issued in January. The monumental move for crypto led the leading asset to a $73,000 all-time high price just three months after its debut. Now various states are getting in on the asset. Indeed, the Michigan State pension fund is the latest to add spot Bitcoin ETFs. Moreover, they disclosed a $6.6 million purchase in the leading crypto investment product.
Jersey City Mayor Calls Bitcoin Most Important Innovation Since Internet
This follows a similar development that took place yesterday – Jersey City allocated funds to the purchase of Bitcoin. Jersey City mayor Steven Fulop took to Twitter to discuss the decision. There he noted that Bitcoin has proven its worth as an asset. The mayor said he is a long-time believer in crypto. Additionally, he called blockchain the most important new technology innovation since the internet. There are likely to be several states that follow suit.
Conclusion
The recent moves by Michigan and Jersey City to add Bitcoin ETFs to their pension funds shows that the cryptocurrency is gaining more mainstream traction. As more states start allocating funds to Bitcoin, it will likely encourage others to do the same. This growing adoption by major institutions is a positive sign for the future of Bitcoin and the overall crypto market.
