Emily Walker
In recent days, President Donald Trump has appointed several members to his cabinet, but the crucial position of Secretary of the Treasury remains vacant. This role is significant for the Bitcoin sector, as it could help establish a national Bitcoin reserve, a promise Trump made during his campaign.
Sources suggest a close contest between Scott Bessent, who previously worked at George Soros’ hedge fund and currently runs Key Square Hedge Fund, and Howard Lutnick, the CEO of Cantor Fitzgerald. Bessent has made positive remarks about Bitcoin in the past, but Lutnick is regarded as a true Bitcoin advocate with substantial personal investments in the cryptocurrency.
In a recent interview, Lutnick disclosed, “I own hundreds of millions worth of Bitcoin, and I predict that will soon rise into the billions.” He also compared Bitcoin to gold during the Bitcoin 2024 conference, stating, “Bitcoin should be traded globally like gold, without exceptions.”
Lutnick: The Ideal Choice for Bitcoin Advocacy
Tesla CEO Elon Musk expressed his support for Lutnick in a post on X, suggesting that Trump’s decision should weight public opinions. He characterized Bessent as a standard choice while depicting Lutnick as someone who could drive real change, emphasizing that the status quo is detrimental to the country’s economy. This statement came shortly before Musk joined Trump at a UFC event in Madison Square Garden.
Musk’s comments were a response to Kyle Bass, the CIO of Hayman Capital Management, who had advocated for Bessent’s expertise. Bass claimed, “Scott Bessent is more qualified than Howard Lutnick to lead the US Treasury, as he has a better grasp of markets and economics. The markets seem to predict a Bessent nomination.”
Robert F. Kennedy Jr., the newly appointed Secretary of Health and Human Services, also commented on the Treasury selection debate. He argued that “Bitcoin symbolizes freedom, serves as an inflation hedge for the middle class, counters the erosion of the dollar, and offers a solution to the national debt crisis.” Kennedy expressed his belief that Lutnick would be a strong advocate for Bitcoin.
Tuur Demeester from the Texas Bitcoin Foundation pointed out the potential influence Kennedy could have over US Bitcoin policies, noting that a Kennedy in a role overseeing a significant portion of federal spending might provide the best support for Bitcoin in terms of individual rights and federal budgeting.
The race for the Treasury Secretary post is made more complex by reports from sources like The New York Times and The Wall Street Journal, indicating that Lutnick’s relationship with Trump may be strained due to concerns about overstepping bounds during the transition.
Other candidates in the mix include former Federal Reserve Governor Kevin Warsh and Apollo Global Management’s CEO Marc Rowan. Both individuals are being considered as advisors seek candidates who align with Trump’s economic agenda, particularly focusing on strict import tariffs.
Additionally, speculation surrounds former US Trade Representative Robert Lighthizer being considered for a different role, potentially as a “trade czar.”
Current predictions show a tight competition for the Treasury Secretary position. As of now, Scott Bessent leads with 36%, followed closely by Howard Lutnick at 34.9%. Kevin Warsh is at 16%, Marc Rowan has 9%, Bill Hagerty sits at 3%, and Robert Lighthizer is at 2%.
At the time of this update, Bitcoin is trading at $91,908.