📈💰 Bitcoin ETFs: Kansas Retirees to Bet the Pension Pot? 💼😲

by

In a move that might make some pensioners clutch their pearls (or, more likely, their walkers), Kansas Republican State Senator Craig Bowser has cooked up a scheme involving the great cryptocurrency enigma known as Bitcoin. Senate Bill 34 is his love letter to the idea of taking a big, juicy bite out of public employee retirement funds and throwing it at Bitcoin (BTC) exchange-traded fund (ETF) products. Because, you know, what could possibly go wrong? 🤔

Oh, but it gets better. This bill wants to let the Kansas Public Employees Retirement System (KPERS) splash around up to 10% of its cash pile in Bitcoin ETFs. And if it passes? We get a KPERS board of trustees who will presumably be crossing their fingers and hoping for the best as they oversee these investments. Because, as we all know, hope is a great investment strategy. 🙏🏻💸

But wait, there’s a catch! The bill says that only Kansas-based investment firms can issue these Bitcoin ETF products. So, it’s like a local economic stimulus, but with more risk and fewer guarantees. And if the BTC ETFs suddenly become worth more than 10% of the portfolio? The trustees don’t have to sell unless it’s for the good of the fund’s beneficiaries. Because, you know, they’re looking out for you. 👀

And because no one likes a surprise party, the legislation also demands an annual review of the investment program. The findings then get to go on a field trip to the governor’s office for a little Q&A session. It’s like show and tell, but with more money on the line. 🎒💼

Now, while this bill is a big ol’ step toward making Bitcoin the new gold (or fool’s gold, depending on who you ask), it’s got to jump through a whole lot of hoops before it becomes law. Senate Bill 34 is currently chilling with the Committee on Financial Institutions and Insurance, and it’s got a whole gauntlet of approvals to run before it can even think about heading to the Kansas House of Representatives. 🏆🏋️‍♂️

Once it gets to the House, it’s more of the same: a legislative obstacle course that could leave this bill panting and sweating by the time it reaches the governor’s desk. And if the governor says no? Well, it’s back to the drawing board, but this time with a need for a two-thirds majority vote in both chambers. Democracy in action, folks! 🗳️👍🏻

Senator Bowser’s proposal is a bit of a head-scratcher when you consider that just last year, Kansas was all about keeping crypto donations to a paltry $100 and converting them to USD faster than you can say “blockchain.” But hey, times change, and maybe Bitcoin is the future. Or maybe it’s just a really expensive fad. Only time will tell. ⏰🤷‍♂️

Bitcoin fever is spreading across the US like wildfire, with states like North Dakota and Oklahoma jumping on the bandwagon. Oklahoma Senator Dusty Deevers even wants to let people get paid in BTC, which sounds like a great way to make sure your money is as volatile as your job security. And Massachusetts? They’re thinking about a Bitcoin strategic reserve, because nothing says “financial stability” like a currency that goes up and down like a yo-yo. 🎢🤑

But let’s not forget the US Federal Reserve, who thinks this whole Bitcoin thing is “the dumbest idea ever.” Then again, they’re the ones printing money, so what do they know? As for Bitcoin, it’s currently trading at $105,486, which is up 0.7% in the past 24 hours. So, if you’re into roller coasters, this might be the investment for you. 🎢📈

Read More

2025-01-24 16:13