In recent days, newly elected US President Donald Trump has filled a number of positions in his new cabinet, although the most important position for the Bitcoin community – the Secretary of the Treasury – remains open. The role of the Treasury Secretary could be decisive for the creation of a national strategic Bitcoin reserve, as promised by Trump during his election campaign.
According to rumors, it is a neck-and-neck race between them Scott Bessant– former director of George Soros’ hedge fund and founder of Key Square Hedge Fund – and Howard Lutnick, chairman and CEO of Cantor Fitzgerald. While Bessent has attracted attention in the past with pro-BTC comments, Lutnick has considered an absolute Bitcoin bull who invests massively in BTC himself.
Lutnick revealed in a recent interview with Anthony Pompliano: “I own Bitcoin worth hundreds of millions, and I expect that number to be in the billions soon.” During the Bitcoin 2024 conference, he stated: “Bitcoin is the same as gold. And Bitcoin should be traded the same way as gold – everywhere in the world, without exception.”
Lutnick is the perfect choice for Bitcoin
Adding to the discourse, Tesla CEO Elon Musk said expressed his support for Lutnick via a message on X on Saturday morning. Musk wrote: ‘It would be interesting to hear more people think about this so Donald Trump can consider feedback. I believe that Bessent is a “business as usual” choice, while Howard Lutnick will actually effect change. Business-as-usual is driving America bankrupt, so we need change somehow.” The statement came hours before Musk appeared alongside Trump at Madison Square Garden for a UFC event.
Musk’s endorsement was in direct response to a message from Hayman Capital Management CIO Kyle Bass, who advocated for Bessent’s qualifications. Bass had stated: “Scott Bessent is uniquely better suited than Howard Lutnick to lead the U.S. Treasury Department. Scott understands markets, economics, people and geopolitics better than anyone I’ve ever interacted with. The markets have already anticipated a choice by Bessent. Lutnick is not Trump’s answer.”
Robert F. Kennedy Jr., recently appointed by Trump as United States Secretary of Health and Human Services (HHS), also weighed in on the Treasury Secretary debate. Kennedy commented to Bass’ claim, saying: “Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a remedy for the dollar’s demotion from the world’s reserve currency, and the offshoot of a ruinous national debt . Bitcoin will not have a stronger advocate than Howard Lutnick.”
Tuur Demeester, board member of the Texas Bitcoin Foundation, highlighted the huge impact Kennedy could have regarding US Bitcoin policy, saying: “Nov ’24: A Kennedy about to oversee 27% of US federal spending, Bitcoin gives its strongest possible support – for individual freedom, to balance the budget, and to save the dollar.”
In particular, the battle for the position of Treasury Secretary is complicated by reports from The New York Times and The Wall Street Journal. According to these sources, Lutnick, co-chair of Trump’s transition team, has reportedly strained relations with the newly elected president due to perceptions of overreach and possible self-interest in the transition process.
Other contenders for the role include former Federal Reserve Governor Kevin Warsh and Marc Rowan, CEO of Apollo Global Management. Both are being considered as Trump’s advisers seek candidates who align with the administration’s economic agenda, particularly the imposition of significant tariffs on imports — a cornerstone of Trump’s policy platform.
Additionally, speculation continues about the emergence of a dark horse candidate. Robert Lighthizer, the former U.S. trade representative during Trump’s first term and a key architect of the trade war with China, is being considered for a possible appointment as “trade czar.”
According to Polymarktit’s still a tight race. Scott Bessent leads by a narrow margin with 36%, followed by Howard Lutnick with 34.9%. Kevin Warsh owns 16%, Marc Rowan 9%, Bill Hagerty 3% and Robert Lighthizer 2%.
At the time of writing, BTC was trading at $91,908.
Featured image created with DALL.E, chart from TradingView.com