President Trump’s cabinet is taking shape, but a key position remains unfilled: Treasury Secretary. This role could be HUGE for Bitcoin, especially considering Trump’s campaign promise of a national Bitcoin reserve. The race is tight, and it’s a battle between some big names.
The Contenders
Two main contenders are vying for the spot: Scott Bessent and Howard Lutnick. Bessent, a former Soros executive, has made pro-Bitcoin comments in the past. But Lutnick, CEO of Cantor Fitzgerald, is a serious Bitcoin bull. He’s publicly stated he owns hundreds of millions of dollars worth of Bitcoin, with plans to own billions. He even compared Bitcoin to gold, saying it should trade globally at the same value.
High-Profile Endorsements
This isn’t just any race. Elon Musk threw his weight behind Lutnick on X (formerly Twitter), saying Lutnick would bring about real change, unlike the “business-as-usual” approach of Bessent. This endorsement came shortly before Musk appeared with Trump at a UFC event.
Robert F. Kennedy Jr., Trump’s newly appointed HHS Secretary, also jumped in, calling Bitcoin the “currency of freedom” and arguing that Lutnick would be its strongest advocate in the government. This endorsement is significant, considering Kennedy’s new role overseeing a large portion of federal spending.
The Opposition and Other Factors
However, it’s not all smooth sailing for Lutnick. Reports suggest strained relations with Trump due to perceived overreach during the transition. Other contenders include Kevin Warsh, Marc Rowan, and even a potential “dark horse” candidate, Robert Lighthizer. These individuals bring different economic perspectives to the table, particularly regarding Trump’s focus on import tariffs.
According to Polymarket, a prediction market, it’s a close race: Bessent is slightly ahead with 36%, followed by Lutnick at 34.9%.
The Bitcoin Stakes
The outcome of this race will significantly impact Bitcoin’s future in the US. With such high-profile endorsements and a close race, the next Treasury Secretary could dramatically shape the country’s approach to cryptocurrency. At the time of writing, Bitcoin was trading at $91,908.
