Over the previous few days, the newly elected US President Donald Trump has stuffed quite a lot of positions in his new cupboard, though an important place for the Bitcoin group—the Secretary of the Treasury—stays open. The function 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 line 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 lots of of hundreds of thousands price of Bitcoin, and I count on 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—all over the place on the planet, with out exception.”
Lutnick Is The Good Decide For Bitcoin
Including to the discourse, Tesla CEO Elon Musk voiced his help for Lutnick through a publish on X on Saturday morning. Musk wrote, “Can be fascinating to listen to extra individuals weigh in on this for Donald Trump to think about suggestions. My view fwiw is that Bessent is a business-as-usual selection, whereas Howard Lutnick will truly enact change. Enterprise-as-usual is driving America bankrupt, so we want 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 publish 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 selection. Lutnick just isn’t Trump’s reply.”
Robert F. Kennedy Jr., just lately appointed as america Secretary of Well being and Human Providers (HHS) by Trump, additionally weighed in on the Treasury Secretary debate. Kennedy commented on Bass’s assertion, saying, “Bitcoin is the forex 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 forex, and the offramp from a ruinous nationwide debt. Bitcoin may have no stronger advocate than Howard Lutnick.”
Tuur Demeester, a board member of the Texas Bitcoin Basis, highlighted the large impression which Kennedy might have almost about US Bitcoin insurance policies, stating, “Nov ’24: a Kennedy who’s about to supervise 27% of US Federal spending provides Bitcoin his strongest doable endorsement—for particular person liberty, to steadiness the price range, and to avoid wasting the greenback.”
Notably, the competition for the Treasury Secretary place is difficult by reviews from The New York Instances and The Wall Road Journal. In line with these sources, Lutnick, who co-chairs Trump’s transition group, has reportedly strained relations with the president-elect as a consequence of perceptions of overstepping and potential self-interest within the transition course of.
Further contenders for the function embody 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 in regards to 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 line with Polymarket, it’s nonetheless a good race. Scott Bessent is main by a slender 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