Odaily News Steven Fulop, the mayor of Jersey City and a candidate for governor of New Jersey, said that municipal pension funds are investing in Bitcoin ETFs as an "inflation hedge." Fulop noted that the investment is to hedge against inflation, and that he personally holds ETH in addition to BTC. "The past few years have been very, very difficult, and it seems to be getting worse, not better," Fulop said of the rising cost of living in the state and across the United States. BTC is an "important and relevant asset class" that governments and businesses will "generally" hold as a means of preserving value. Fulop is running to succeed current Governor Phil Murph, who is not eligible for re-election. Fulop said that if elected, he would consider running to have New Jersey hold Bitcoin and to have cryptocurrency companies headquartered in the state. It is reported that several large cryptocurrency companies are currently located in Jersey City, just a four-minute subway ride from Wall Street.