If she becomes a US senator next week, will Bitcoin thrive even more?

[cheezcarls]

Kelly Loeffler, the chief executive of institutional Bitcoin futures platform Bakkt, is expected to be picked by Georgia Governor Brian Kemp for a seat in the United States Senate this week, the Wall Street Journal reports.

The selection is in defiance to President Trump’s insistence on the appointment of Representative Doug Collins, a fierce defender of the President during the impeachment inquiry. If approved, Loeffler would take over the Senate seat vacated by three-term Senator Johnny Jackson, but she will have to contest re-election in 2020.

Click here to read the full news

Here is my own opinion. Despite that the Bakkt CEO could become a U.S. Senator by next week, I would honestly believe that there are no guarantees that it would really impact the price of Bitcoin and other cryptocurrencies.

Assuming that Kelly did “walk the talk” next week, she could be an advocate of Bitcoin and crypto. However, it does not mean that her fellow senators (if she did take that senatorial seat) would definitely support. There are some who would oppose it, just like Mark Zuckerberg’s Facebook Libra coin.

What do you think about this one guys? Thanks!

[avikz]

I don't see any opportunity to impact bitcoin price if Kelly gets selected to chair a governmental role! However, we might see some push from her end to regularize the bitcoin usage and streamline the tax law on cryptos but nothing else! As you've rightly said, she may become an advocate of cryptos to the US government but with her limited power, she won't be able to make outright changes to the policy!

But it's good news that cryptos have started forming a lobby at the governmental level!

[gabbie2010]

Surely she would be a proponent and advocator for the recognition of Bitcoin in the Senate however she must have a full support and backing of other senators before any tangible decision, hearing and deliberations about the adoption of Bitcoin can be heard, however her possible entrance into the Senate is a welcome development and as a Bitcoin enthusiast definitely Bitcoin is going to gain more recognition.

[bitvalak]

Kelly Loeffler, the chief executive of institutional Bitcoin futures platform Bakkt, is expected to be picked by Georgia Governor Brian Kemp for a seat in the United States Senate this week, the Wall Street Journal reports.

The selection is in defiance to President Trump’s insistence on the appointment of Representative Doug Collins, a fierce defender of the President during the impeachment inquiry. If approved, Loeffler would take over the Senate seat vacated by three-term Senator Johnny Jackson, but she will have to contest re-election in 2020.

Click here to read the full news

Here is my own opinion. Despite that the Bakkt CEO could become a U.S. Senator by next week, I would honestly believe that there are no guarantees that it would really impact the price of Bitcoin and other cryptocurrencies.

Assuming that Kelly did “walk the talk” next week, she could be an advocate of Bitcoin and crypto. However, it does not mean that her fellow senators (if she did take that senatorial seat) would definitely support. There are some who would oppose it, just like Mark Zuckerberg’s Facebook Libra coin.

What do you think about this one guys? Thanks!

To be honest I don't really believe that if he could become a senate in the US it would have a positive impact on bitcoin, I'm worried that if it becomes a way to monopolize cryptocurrency if he is elected.
Because he is not from the community, so I doubt what he is doing in cryptocurrency.

[stompix]

And here we have it, we now cheer for the same persons we've been booing when they were working (in this case for ICE) for manipulating markets, but once their goal is aligned with us, cheer for them!
Talk about a pact with the devil!  

I wonder what the reactions will be if either Madoff or Soros start praising bitcoin. I'm storing some popcorn for this!

and as a Bitcoin enthusiast definitely Bitcoin is going to gain more recognition.

Are you sure she's a bitcoin enthusiast or she's enthusiastic about how much money she can make from bitcoin?
Because there is a huge difference between those two, and if they find a new way to make money the enthusiasm might go away!

[The Sceptical Chymist]

To be honest I don't really believe that if he could become a senate

"He" isn't becoming a "senate".  She is going to become a senator, apparently.  But I thought senators were elected by the public and weren't appointed by anyone else.  I'm an ignoramus about politics, but I'm pretty sure senators aren't made this way.

In any case, this could be a really good thing for crypto because it's obvious that Kelly Loeffler knows about and supports cryptocurrencies.  However, that could also mean that she would push for more regulation and who knows what else.  You just never know what a politician is going to do once they get into office.  But at the very least she isn't one who's ignorant about bitcoin and probably doesn't have biases against it.  We'll have to see what happens.

And here we have it, we now cheer for the same persons we've been booing when they were working (in this case for ICE) for manipulating markets, but once their goal is aligned with us, cheer for them!

Yeah, I've noticed that tendency myself--and not just in the crypto space.  It happens with a bunch of different groups and issues, and I guess that's just how human psychology works.

[kryptqnick]

And here we have it, we now cheer for the same persons we've been booing when they were working (in this case for ICE) for manipulating markets, but once their goal is aligned with us, cheer for them!
Talk about a pact with the devil!  

I wonder what the reactions will be if either Madoff or Soros start praising bitcoin. I'm storing some popcorn for this!

and as a Bitcoin enthusiast definitely Bitcoin is going to gain more recognition.

Are you sure she's a bitcoin enthusiast or she's enthusiastic about how much money she can make from bitcoin?
Because there is a huge difference between those two, and if they find a new way to make money the enthusiasm might go away!

IMO Soros might do that eventually. After all, he's liberal, supporting freedom, transparency, and diversity. Decentralization is just the next step. There've been public talks (= academic lectures) on cryptos at the university he built (CEU), and in 2018 there've been talks about Soros Fund investing in cryptos. People change, their opinions change even more when they get to know things better.
As for the Bakkt CEO, I think that it's a good thing to have someone so close to the crypto area anyway, but it's true that one person probably would not be able to do much, and she might be in favor of imposing taxes and stuff, since her business has to pay taxes anyway. Well, at least a person like that would do everything not to allow a crypto ban or something like that, and it's already a plus.

[1Referee]

I couldn't care less. Bitcoin has never needed any of these high level bobos. Their only incentive is to fill their own pockets, not to do what's best for Bitcoin.

People should pay attention to what the developers are aiming towards (schnorr taproot for example) and not what these bobos do. They will clutter this space with more cash settled garbage (Bakkt will be launching cash settled futures and options pretty soon). CME is launching options too and doubled the number of contracts entities can hold on a monthly basis. Is that something people get excited about? 

[Baofeng]

Bitcoin has been thriving in the last ten years, but having a bitcoin friendly Senator could push adoption even more, in my opinion. But it is still politics though, we don't know if others have their agenda behind to go against crypto if ever she is elected in the US Senate and be the voice of bitcoin. For all we know, there are a lot of Senators who are anti-crypto in general and one Senator is not enough to turn the tide, so it is a long shot.

[stompix]

Bitcoin has been thriving in the last ten years, but having a bitcoin friendly Senator could push adoption even more, in my opinion.

We already have a bunch of them:
Mark Warner Virginia Senator Mark Warner: Crypto Market Could Hit $20 Trillion
Rand Paul Rand Paul Accepts Bitcoin for Presidential Campaign

There are also Kevin McCarthy and Patrick McHenry.

Nothing is stopping people in the US from buying bitcoins just as they did till now.
If you need a senator to tell you to buy and use BTC, then you should be concerned!

I couldn't care less. Bitcoin has never needed any of these high level bobos. Their only incentive is to fill their own pockets, not to do what's best for Bitcoin.
<>
Is that something people get excited about? 

Yeah, one piece of news with Senator PaymeandIwillLobbyforU or J Lo wearing a bitcoin tattoo on her panties and everyone is getting wet.
Adoption is coming!

Technical stuff, daily usage, safe wallets, easiness of dealing with LN, that's some ramblings nobody cares.

[squatter]

Here is my own opinion. Despite that the Bakkt CEO could become a U.S. Senator by next week, I would honestly believe that there are no guarantees that it would really impact the price of Bitcoin and other cryptocurrencies.

Assuming that Kelly did “walk the talk” next week, she could be an advocate of Bitcoin and crypto. However, it does not mean that her fellow senators (if she did take that senatorial seat) would definitely support. There are some who would oppose it, just like Mark Zuckerberg’s Facebook Libra coin.

What do you think about this one guys? Thanks!

Some of the profiles I'm seeing about her don't even mention Bakkt. She's being painted as a red-blooded conservative. This is what she recently said:

"I haven’t spent my life trying to get to Washington. But here’s what folks are going to find out about me: I’m a lifelong conservative. Pro-Second Amendment. Pro-military. Pro-wall. And pro-Trump," she said.

She doesn't sound particularly focused on Bitcoin, does she? She's also in a politically tenuous situation since the the Trump camp strongly pushed for the governor to appoint someone else. She doesn't have much room to advocate for anything outside the core party line right now.

[bitbunnny]

Surely she would be a proponent and advocator for the recognition of Bitcoin in the Senate however she must have a full support and backing of other senators before any tangible decision, hearing and deliberations about the adoption of Bitcoin can be heard, however her possible entrance into the Senate is a welcome development and as a Bitcoin enthusiast definitely Bitcoin is going to gain more recognition.

Yes, she is a Bitcoin enthusiast but how much could she actually do. Without support of broader politics and powerful people outside Bitcoin community there are not much possibilities. However, with hard efforts she might achieve some progress in Bitcoin recgonition.

[suzanne5223]

I don't see any opportunity to impact bitcoin price if Kelly gets selected to chair a governmental role! However, we might see some push from her end to regularize the bitcoin usage and streamline the tax law on cryptos but nothing else! As you've rightly said, she may become an advocate of cryptos to the US government but with her limited power, she won't be able to make outright changes to the policy!

But it's good news that cryptos have started forming a lobby at the governmental level!

To be honest. If she does become the  US senator there's chance it will have good impact on the crypto market cause the press surely ask her some few questions about crypto and her respond will inspire some people but its not guarantee as the OP once said.

[Oilacris]

Dont see for a guaranteed positive effect but somewhat having these pro-Bitcoin senators does have at least even small recognition but well it all depends on the efforts though.

[diahsw]

hopefully what we hope to happen, if indeed he can make bitcoin grow, we will always support it .. !!

[DabsPoorVersion]

Dont see for a guaranteed positive effect but somewhat having these pro-Bitcoin senators does have at least even small recognition but well it all depends on the efforts though.

Efforts and their action regarding this matter.
If they take an action that will benefit Bitcoin, it will surely create a massive adoption or at least increase the demand. We can't still assure that after she was pick as one of the winning senator, we can see the increase in bitcoin.

[hatshepsut93]

Here is my own opinion. Despite that the Bakkt CEO could become a U.S. Senator by next week, I would honestly believe that there are no guarantees that it would really impact the price of Bitcoin and other cryptocurrencies.

Then why you make a clickbait title, especially since it's not the original title of the article, if you think that the answer to your question is no? It's clear as a day that a single senator can't make the price go up or increase adoption, and everyone here knows it, except for maybe the most naive newbies.

[samuraijin]

but isn't that much better when people familiar with bitcoin sit in the US government, even though it doesn't have a big influence but at least it can be easier to introduce bitcoin in the government room, I hope more and more people who know bitcoin can become ministers or the president so that it can make it easier for bitcoin and cryptocurrency to have a good future

[samcrypto]

Dont see for a guaranteed positive effect but somewhat having these pro-Bitcoin senators does have at least even small recognition but well it all depends on the efforts though.

Some politicians are making statement about cryptocurrency for advertisement purposes only and to attract more voters but when they got the position they forget all their propaganda. If she really pro-bitcoin then she should make a law about it, of course it must be a pro bitcoin law and fight for the right of her constituents. This election might not affect the whole market, but we are hoping for a more Senators to support cryptomarket as a whole.

[Linkkoin]

If she will be able to create a draft bill and persuade big part of Congress, it could be helpful, but there is one thing - what would be in such bill? This is crucial because often content of legislation is a result of negotiations about clauses. So then it may be that "ok, we agree for X, but in exchange in this bill, there will be Y" - when Y would, for example, mean that you will need to file for a trading license for cryptocurrencies if your annual turnover exceeds $250k.