Kansas proposes to invest up to 10% of retirement funds in Bitcoin ETF

According to a report from Bitcoin Magazine yesterday, Senator Bowser of Kansas has proposed Senate Bill 34, which proposes to use up to 10% of public employee retirement funds to invest in BTCSpot ETF. The Kansas Public Employee Retirement System (KPERS) Trust Committee will be authorized to allocate funds to BTCSpot ETF. According to KPERS website data, the public employee retirement fund in Kansas currently holds about $27.3 billion, which is equivalent to a buying power of 27,300 BTC if calculated at $100,000 per coin. If the proposal is approved, it could set a precedent and encourage other state governments' retirement funds to invest in BTC and bring in new funds. Many states in the US are considering establishing BTC reserves, including Florida, Texas, Pennsylvania, and Ohio. Furthermore, Larry Fink, CEO of BlackRock, recently stated that due to concerns about currency devaluation and the accelerated collective small allocation of BTC by asset management companies, BTC's price may rise to $700,000. A Deutsche Bank analyst also stated in a recent report that BTC is likely to remain at a higher level due to the friendly regulatory environment for cryptocurrency brought on by the Trump administration. The Federal Reserve's loose monetary policy will also benefit BTC, which will lead to an increase in institutional investors.