Over the previous couple of days, the newly elected US President Donald Trump has crammed quite a lot of positions in his new cupboard, though crucial place for the Bitcoin neighborhood—the Secretary of the Treasury—stays open. The position of Secretary of the Treasury could possibly be decisive for the institution of a nationwide strategic Bitcoin reserve, as promised by Trump throughout his election marketing campaign.
In accordance with rumors, it’s a neck-and-neck race between Scott Bessent—former government at George Soros’ hedge fund and founding father of Key Sq. Hedge Fund—and Howard Lutnick, chairman and CEO of Cantor Fitzgerald. Whereas Bessent has attracted consideration prior to now with pro-BTC feedback, Lutnick is taken into account an absolute Bitcoin bull who’s massively invested in BTC himself.
Lutnick revealed in a current interview with Anthony Pompliano, “I personal a whole lot of tens of millions price of Bitcoin, and I anticipate that quantity to quickly be within the billions.” In the course of the Bitcoin 2024 convention, he said, “Bitcoin is identical as gold. And Bitcoin ought to commerce the identical as gold—in all places on the planet, with out exception.”
Lutnick Is The Good Decide For Bitcoin
Including to the discourse, Tesla CEO Elon Musk voiced his assist for Lutnick through a submit on X on Saturday morning. Musk wrote, “Can be attention-grabbing to listen to extra individuals weigh in on this for Donald Trump to contemplate suggestions. My view fwiw is that Bessent is a business-as-usual alternative, whereas Howard Lutnick will truly enact change. Enterprise-as-usual is driving America bankrupt, so we’d like change a method or one other.” This assertion got here hours earlier than Musk appeared beside Trump at Madison Sq. Backyard for a UFC occasion.
Musk’s endorsement straight responded to a submit by Kyle Bass, CIO of Hayman Capital Administration, who argued for Bessent’s {qualifications}. Bass had said, “Scott Bessent is eminently extra certified than Howard Lutnick to run the US Treasury. Scott understands markets, economics, individuals, and geopolitics higher than anybody I’ve ever interacted with. Markets have already anticipated a Bessent alternative. Lutnick will not be Trump’s reply.”
Robert F. Kennedy Jr., lately appointed as the USA Secretary of Well being and Human Companies (HHS) by Trump, additionally weighed in on the Treasury Secretary debate. Kennedy commented on Bass’s assertion, saying, “Bitcoin is the foreign money of freedom, a hedge in opposition to inflation for middle-class People, a treatment in opposition to the greenback’s downgrade from the world’s reserve foreign money, and the offramp from a ruinous nationwide debt. Bitcoin could have no stronger advocate than Howard Lutnick.”
Tuur Demeester, a board member of the Texas Bitcoin Basis, highlighted the huge affect which Kennedy may have as regards to US Bitcoin insurance policies, stating, “Nov ’24: a Kennedy who’s about to supervise 27% of US Federal spending offers Bitcoin his strongest attainable endorsement—for particular person liberty, to stability the finances, and to avoid wasting the greenback.”
Notably, the competition for the Treasury Secretary place is sophisticated by experiences from The New York Occasions and The Wall Road Journal. In accordance with these sources, Lutnick, who co-chairs Trump’s transition group, has reportedly strained relations with the president-elect resulting from perceptions of overstepping and potential self-interest within the transition course of.
Extra contenders for the position embody former Federal Reserve Governor Kevin Warsh and Apollo World Administration CEO Marc Rowan. Each are into account as Trump’s advisors search candidates aligned with the administration’s financial agenda, significantly the implementation of great tariffs on imports—a cornerstone of Trump’s coverage platform.
Furthermore, there stays hypothesis concerning the emergence of a darkish horse candidate. Robert Lighthizer, the previous US Commerce Consultant throughout Trump’s first time period and a key architect of the commerce struggle with China, is being thought of for a possible appointment as a “commerce czar.”
In accordance with Polymarket, it’s nonetheless a good race. Scott Bessent is main by a slim margin with 36%, adopted by Howard Lutnick with 34.9%. Kevin Warsh holds 16%, Marc Rowan 9%, Invoice Hagerty 3%, and Robert Lighthizer 2%.
At press time, BTC traded at $91,908.
Featured picture created with DALL.E, chart from TradingView.com
