Bitcoin-Hating Trump is Standing in the Way of Bakkt CEO Becoming U.S. Senator

  • Bakkt CEO wants to represent Georgia in the U.S. Senate.
  • President Donald Trump has already signaled his preferred candidate and it’s not the CEO of the Bitcoin futures exchange.
  • Bakkt has been growing from strength to strength in recent weeks.

Kelly Loeffler, the CEO of bitcoin futures trading exchange Bakkt, is gunning to be appointed Georgia’s new U.S. Senator by the state’s governor. The only problem: President Trump has other ideas.

According to the Atlanta Journal-Constitution, Trump is pushing Georgia’s governor, Brian Kemp, to appoint U.S. House Representative Doug Collins to the seat. Loeffler filed her application to become Georgia’s next Republican Senator on Monday and is believed to be Kemp’s choice for the position. The Senate seat will be vacated by current Senator Johnny Isakson in December. Isakson is stepping down over health reasons.

Institutions embrace Bitcoin

Loeffler’s interest in the soon-to-be-vacant senatorial seat comes as Bakkt makes phenomenal progress after a lackluster debut. Earlier this month, the futures exchange recorded its all-time high in the number of contracts traded. On Nov. 8, 1,756 bitcoin futures contracts changed hands.

Bitcoin
Source: Twitter

The previous record had been set in late October when 1,183 Bitcoin futures contracts were traded.

If Kemp withstands pressure from Trump and appoints Loeffler, she will be departing as Bakkt CEO with a string of notable achievements under her belt. Next month, for instance, Bakkt will unveil the “first regulated options contract for bitcoin futures.” The Bakkt Bitcoin Options contract will present users with the choice of either taking physical delivery or a cash settlement.

Bakkt goes to Asia

Earlier this month, Bakkt also rolled out its bitcoin custody service to all institutions. Known as the Bakkt Warehouse, the custody service was previously available only to clients trading in Bakkt Bitcoin Futures contracts.

And earlier this week, Bakkt’s parent firm Intercontinental…

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