Over the previous few days, the newly elected US President Donald Trump has stuffed plenty of positions in his new cupboard, though a very powerful place for the Bitcoin neighborhood—the Secretary of the Treasury—stays open. The position of Secretary of the Treasury might be decisive for the institution of a nationwide strategic Bitcoin reserve, as promised by Trump throughout his election marketing campaign.
In keeping with rumors, it’s a neck-and-neck race between Scott Bessent—former govt 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 previously with pro-BTC feedback, Lutnick is considered an absolute Bitcoin bull who’s massively invested in BTC himself.
Lutnick revealed in a latest interview with Anthony Pompliano, “I personal a whole lot of hundreds of thousands value of Bitcoin, and I anticipate that quantity to quickly be within the billions.” In the course of the Bitcoin 2024 convention, he acknowledged, “Bitcoin is identical as gold. And Bitcoin ought to commerce the identical as gold—all over the place on the earth, with out exception.”
Lutnick Is The Excellent Decide For Bitcoin
Including to the discourse, Tesla CEO Elon Musk voiced his assist for Lutnick by way of a put up 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 selection, whereas Howard Lutnick will really enact change. Enterprise-as-usual is driving America bankrupt, so we’d like change a technique 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 immediately responded to a put up by Kyle Bass, CIO of Hayman Capital Administration, who argued for Bessent’s {qualifications}. Bass had acknowledged, “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 selection. Lutnick just isn’t Trump’s reply.”
Robert F. Kennedy Jr., lately appointed as the US 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 can have no stronger advocate than Howard Lutnick.”
Tuur Demeester, a board member of the Texas Bitcoin Basis, highlighted the large influence which Kennedy might have as regards to US Bitcoin insurance policies, stating, “Nov ’24: a Kennedy who’s about to supervise 27% of US Federal spending provides Bitcoin his strongest potential endorsement—for particular person liberty, to steadiness the finances, and to save lots of the greenback.”
Notably, the competition for the Treasury Secretary place is sophisticated by reviews from The New York Instances and The Wall Avenue Journal. In keeping with these sources, Lutnick, who co-chairs Trump’s transition workforce, has reportedly strained relations with the president-elect because of perceptions of overstepping and potential self-interest within the transition course of.
Further contenders for the position embrace former Federal Reserve Governor Kevin Warsh and Apollo International Administration CEO Marc Rowan. Each are into consideration 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 battle with China, is being thought of for a possible appointment as a “commerce czar.”
In keeping with Polymarket, it’s nonetheless a decent 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
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