Jersey City, a city in the eastern United States, announced that it would allocate part of its pension funds to Bitcoin.

The total amount of pension funds managed by Jersey is $140 million.

If Jersey's move sets a precedent for local governments in the United States, then there will undoubtedly be another engine for the bull market.

The total amount of pension funds managed by local governments in the United States is about $6 trillion. (The total market value of the cryptocurrency market is about $2.4 trillion)
Among them, the more well-known ones are the California Public Employees' Retirement System (CalPERS), with total assets of about $502.9 billion, and the California State Teachers' Retirement System (CalSTRS), with total assets of about $327.6 billion.

This strategic move by Jersey City to allocate pension funds to Bitcoin could potentially pave the way for other local governments in the US to follow suit, fueling the bull market even further. With trillions of dollars in pension funds managed by local governments, the impact on the cryptocurrency market could be significant.