Bitcoin News: Kansas Senator Proposes 10% Pension Fund Allocation to Bitcoin ETFs

Kansas Republican State Senator Craig Bowser has introduced a bill that could significantly impact the state's pension fund investments. Senate Bill 34 proposes allocating up to 10% of public employee retirement funds to Bitcoin ETFs, marking a potential shift in traditional investment strategies towards embracing cryptocurrency.

Kansas Senator Proposes Up To 10% Pension Fund Allocation to Bitcoin ETFs

Kansas Republican State Senator Craig Bowser has introduced a bill, Senate Bill 34, which aims to allocate up to 10% of public employee retirement funds to Bitcoin (BTC) exchange-traded fund (ETF) products. The bill would authorize the Kansas Public Employees Retirement System (KPERS) to invest in Bitcoin ETFs, with the KPERS board of trustees overseeing these investments. The legislation specifies that investments should be made in Bitcoin ETF products issued exclusively by Kansas-based investment firms. Additionally, if the value of BTC ETFs exceeds 10% of the retirement fund’s portfolio, the board is required to adjust the allocation accordingly.

Bitcoin Weekly Forecast: BTC Holdings of Large Investors Surges as Trump Takes the Oval Office

Bitcoin price traded in the green on Friday, hovering above $105,000 after reaching a new all-time high of $109,588 earlier in the week. According to CryptoQuant’s weekly report, the demand for Bitcoin (BTC) from large investors has surged as US President Donald Trump assumed office. Additionally, President Trump signed an executive order this week, which includes plans to develop a national digital asset stockpile. Despite these developments, traders are advised to remain cautious.

Trump Explores National Bitcoin Stockpile, Bans US Digital Currency

President Donald Trump has signed an Executive Order directing his administration to assess the possibility of creating a 'national digital asset stockpile.' This initiative is part of the formation of the new Presidential Working Group on Digital Asset Markets. The Executive Order aims to establish federal regulations for digital assets, including stablecoins, but does not immediately create a strategic Bitcoin reserve. The order also suggests that the national digital asset stockpile could be formed from cryptocurrency assets legally seized by the federal government during law enforcement operations. According to Arkham Intel data, the U.S. government currently holds nearly $21 billion in seized digital assets, including more than 198,000 BTC.

Crypto Market Experiences Increased Volatility

The cryptocurrency market has shown increased volatility, with Bitcoin reaching a new all-time high near $110K, pulling the entire market upwards. The market capitalization has risen above $3.63 trillion. The sentiment index has been fluctuating in the greed zone, indicating a potential pause before further growth. Bitcoin's price fluctuated significantly, dropping below $100K before approaching $110K again. The market shows signs of adjusting to these new highs, with support levels now above $100K.

Bitcoin’s Key Support: $97,530 Critical to Momentum

Bitcoin ($BTC) continues to experience significant price fluctuations, with one critical support level emerging at $97,530. According to on-chain data and market analysis, maintaining Bitcoin’s position above this key level is vital for sustaining the current bullish momentum. This price point serves as a crucial indicator for traders and investors alike, as a failure to hold above this level could potentially signal a shift in market sentiment and price direction. Crypto Analyst Ali Martinez highlights that the $97,530 support level represents a significant price point that Bitcoin has reached after a series of upward trends. Maintaining this level is essential for the continuation of the bullish trend.