Over the past few days, newly elected US President Donald Trump has filled a number of positions in his new cabinet, although the position most important to the Bitcoin community – Treasury Secretary – remains open. The role of the Treasury Secretary could be crucial in establishing a national strategic reserve for Bitcoin, as Trump promised during his election campaign.
According to rumors, there is a close race between Scott Besent — former executive at George Soros’ hedge fund and founder of the Key Square Hedge Fund — and Howard Lutnick, chairman and CEO of Cantor Fitzgerald. While Besant has attracted attention in the past with his pro-Bitcoin comments, Lutnick is an absolute Bitcoin supporter who is heavily invested in Bitcoin itself.
“I own hundreds of millions worth of Bitcoin, and I expect that number to reach the billions soon,” Lutnick revealed in a recent interview with Anthony Pompliano. During the Bitcoin 2024 conference, he said: “Bitcoin is like gold. Bitcoin should be traded like gold – everywhere in the world, without exception.
Lutnick is the perfect choice for Bitcoin
Adding to the letter, Tesla CEO Elon Musk Express He expressed his support for Lutnick via a post on X on Saturday morning. “It would be interesting to hear more people thinking about this until Donald Trump weighs in on the comments,” Musk wrote. “My whole point is that Bescent is a business-as-usual option, whereas Howard Lutnick will actually make the change happen.” The business As usual it’s driving America bankrupt, so we need to change one way or another. The statement came hours before Musk appeared alongside Trump at Madison Square Garden for a UFC event.
Musk’s endorsement was a direct response to a post written by Kyle Bass, CIO of Hayman Capital Management, who defended Besant’s credentials. Bass had stated, “Scott Bescent is far more qualified than Howard Lutnick to run the US Treasury. Scott understands markets, economics, people and geopolitics better than anyone I have ever interacted with. The markets have already anticipated Bescent’s choice. Lutnick is not Trump’s answer.”
Robert F. Kennedy Jr., who was recently appointed by Trump as US Secretary of Health and Human Services, also participated in the discussion about Treasury Secretary. Kennedy Comment Bass asserts, “Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a cure against the dollar’s downgrading from the world’s reserve currency, and a liability for the devastating national debt. Bitcoin would never have a stronger advocate than Howard Lutnick.”
Texas Bitcoin Foundation board member Tor Demeester highlighted the massive impact Kennedy could have regarding US Bitcoin policies, saying: “November 24: Kennedy about to oversee 27% of US federal spending gives Bitcoin its due.” The strongest possible endorsement – for individual freedom, balancing the budget, and saving the dollar.
It is worth noting that the competition for the position of Secretary of the Treasury is complicated by reports from the New York Times and the Wall Street Journal. According to these sources, Lutnick, who co-chairs Trump’s transition team, has strained relations with the president-elect due to perceptions of overreach and potential self-interest in the transition process.
Additional contenders for the role include former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Mark Rowan. Both are under consideration as Trump’s advisers search for candidates who align with the administration’s economic agenda, particularly implementing significant import tariffs — a cornerstone of Trump’s policy platform.
Moreover, there is still speculation about the emergence of a dark horse candidate. Robert Lighthizer, the former US Trade Representative during Trump’s first term and the main architect of the trade war with China, is being considered for a possible appointment as “trade czar.”
according to PolymarketThe race is still tight. Scott Besent leads narrowly with 36%, followed by Howard Lutnick with 34.9%. Kevin Warsh owns 16%, Mark Rowan 9%, Bill Hagerty 3%, and Robert Lighthizer 2%.
At press time, Bitcoin was trading at $91,908.
Featured image created with DALL.E, a chart from TradingView.com
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