Steven Fulop, mayor of Jersey City and candidate for governor of New Jersey, said municipal pension funds are investing in bitcoin ETFs as an "inflation hedge", noting that the investment is a hedge against inflation and that he personally holds ETH in addition to BTC. "The last few years have been very, very tough and it seems to be getting worse rather than better," Fulop said of the rising cost of living in the state and across the country. BTC is an "important and relevant asset class" that governments and companies hold "universally" as a store of value. Fulop is running to succeed incumbent Gov. Phil Murph, who is ineligible for re-election. If elected, Fulop said he would consider running for New Jersey to own bitcoin and base cryptocurrency companies in the state, which is understood to have several large cryptocurrency companies located in Jersey City, just a four-minute subway ride from Wall Street.