Trump Not in Favor of Bakkt CEO Becoming US Senator
By Jamie Green – Cryptocurrency Investor
Despite the Bakkt platforms continuous growth in recent weeks, the CEO of the company is suggested to be appointed for a Senate seat. US President Trump has already decided his candidate for the position and it isn’t Kelly Loeffler.
Bakkt LLC is on a mission to expand access to the global economy by building trust into the crypto markets and utilising the value of digital assets. By doing so the platform can hope to encourage more to buy and sell cryptocurrency and get involved with the technology.
The Atlanta Journal-Constitution, says that Trump is pushing for Brian Kemp, governor of Georgia, to have Doug Collins, a U.S. House Representative appointed to the seat. On Monday, Loeffler placed her application to become the next Republican Senator of Georgia, believing she is Kemp's choice for the post. Current Senator Johnny Isakson is vacating his Senate seat in December due to health reasons.
Loeffler has expressed interest in taking up this position just as her company has made astounding progress after its dull debut. Just earlier in November, Bakkt recorded its all-time high after trading over 1756 Bitcoin futures contracts. Contracts that allow users to speculate on the price without buying Bitcoin at the time.
A previous record of 1183 Bitcoin futures contracts were traded in late October. A huge increase of traders using the system and executing contracts.
If Loeffler is appointed Senator, provided Kemp can withstand pressure from Donald Trump, she will be regarded as the first Bakkt CEO to be Senator. By next month, Bakkt will reveal their "first regulated options contract for bitcoin futures." This will give users the opportunity to choose either a cash settlement or physical delivery. By choosing delivery, the user can sell Bitcoin from the contract later or choose to hold the coin.
If she's appointed as Senator, Loeffler could have a very positive impact in the cryptocurrencies space. By this, it means that her presence could boost the amount of pro-bitcoin lawmakers who are very open to crypto-friendly legislation which could encourage more to buy and sell Bitcoin and other cryptocurrencies.
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