The mayor of Jersey City, New Jersey, announced on Thursday that the city's pension fund will allocate a percentage of its investment to bitcoin exchange-traded funds (ETFs). Writing on social media platform X, Fulop said the Jersey City pension fund is updating filings with the U.S. SEC, similar to the Wisconsin pension fund. The mayor estimates the process will be completed by the end of the summer. "The question of whether cryptocurrencies and bitcoin will continue to exist is basically over, cryptocurrencies and bitcoin won, I've always believed in cryptocurrencies (through ups and downs), but broadly speaking, beyond cryptocurrencies, I do believe blockchain is one of the most important new technological innovations since the internet," Fulop said.