New U.S. President Donald Trump has yet to appoint a Treasury Secretary, a key role for his proposed national Bitcoin reserve.
The Secretary of the Treasury, the most critical position for the Bitcoin community, remains vacant, despite the fact that the newly elected US President Donald Trump has filled a number of positions in his new cabinet in the past few days.
Why choose Howard Lutnick for Treasury Secretary
The Secretary of the Treasury’s role could be critical in the establishment of a national strategic Bitcoin reserve, as Trump pledged during his election campaign.
Scott Bessent, the former executive at George Soros’ hedge fund and the founder of Key Square Hedge Fund, and Howard Lutnick, the chairman and CEO of Cantor Fitzgerald, are reportedly in a close contest, according to rumors
Despite the fact that Bessent has garnered attention in the past for his pro-BTC remarks, Lutnick is regarded as an absolute Bitcoin bull who is personally heavily invested in BTC.
In a recent interview with Anthony Pompliano, Lutnick disclosed, “I possess Bitcoin valued at hundreds of millions, and I anticipate that this figure will soon exceed the billions.”
He declared, “Bitcoin is equivalent to gold,” at the Bitcoin 2024 conference. “And Bitcoin should be traded in the same manner as gold, without exception, on a global scale.”
Lutnick is the optimal choice for Bitcoin.
Tesla CEO Elon Musk expressed his endorsement of Lutnick in a post on X on Saturday morning, further contributing to the conversation. Musk stated, “It would be intriguing to hear the perspectives of additional individuals in order for Donald Trump to take them into account.”
In my opinion, Bessent is a business-as-usual decision, whereas Howard Lutnick will actively implement change. Business-as-usual is causing America to go insolvent, so we must implement change in some form.
Hours prior to Musk’s appearance alongside Trump at Madison Square Garden for a UFC event, Musk issued this statement.
In response to a post by Kyle Bass, CIO of Hayman Capital Management, who argued for Bessent’s qualifications, Musk’s endorsement was direct.
Bass had asserted that “Scott Bessent is eminently more qualified than Howard Lutnick to lead the US Treasury.” Scott’s comprehension of markets, economics, people, and geopolitics surpasses that of any individual with whom I have ever interacted.
Markets have already anticipated a Bessent decision. Trump’s response does not involve Lutnick.
The Treasury Secretary debate was also addressed by Robert F. Kennedy Jr., who was recently appointed as the United States Secretary of Health and Human Services (HHS) by Trump.
Kennedy responded to Bass’s assertion by asserting that “Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt.” Howard Lutnick will be the most powerful advocate for Bitcoin.
Tuur Demeester, a board member of the Texas Bitcoin Foundation, emphasized the significant influence that Kennedy could have on US Bitcoin policies. He stated, “Nov ’24: a Kennedy who is about to oversee 27% of US Federal spending gives Bitcoin his strongest possible endorsement—for individual liberty, to balance the budget, and to save the dollar.”
Reports from The New York Times and The Wall Street Journal complicate the competition for the Treasury Secretary position.
This is particularly noteworthy. According to these sources, Lutnick, who serves as co-chair of Trump’s transition team, has allegedly experienced a breakdown in his relationship with the president-elect as a result of perceived self-interest and overstepping in the transition process.
Other candidates for the position include Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh.
Both are currently being considered by Trump’s advisors, who are in search of candidates who are in accordance with the administration’s economic agenda, which is centered around the imposition of substantial tariffs on imports, which is a fundamental component of Trump’s policy platform.
Additionally, there is ongoing speculation regarding the potential of a dark horse candidate to emerge. A potential appointment as a “trade czar” is being considered for Robert Lighthizer, the former US Trade Representative during Trump’s first term and a key architect of the trade conflict with China.
This is still a competitive contest, as per Polymarket. Scott Bessent is currently in the lead with 36%, while Howard Lutnick is in second place with 34.9%. Marc Rowan owns 9%, Kevin Warsh 16%, Bill Hagerty 3%, and Robert Lighthizer 2%.
