Bitcoin: How will Trump's Treasury Secretary affect it?

Bitcoin held over $91,000 on Tuesday, boosted by Trump's cabinet picks and MicroStrategy's token purchases.

Bitcoin is holding at 91k after hitting a record high of 93.4K last week on the potential of crypto-friendly regulation under a second Trump presidency. Markets await Trump's successor and policy revisions.

BTC is boosted by Trump's Monday meeting with Coinbase CEO Brian Armstrong to explore second-term nominations. The discussion occurred as Trump chose his cabinet and speculation grew that the US may build a strategic Bitcoin reserve.

Treasury Secretary candidates

Trump's Treasury Secretary decision will have a major impact on crypto's future in the US. In addition to printing currencies, this section oversees national banks' IRS and financial crimes enforcement networks.

Last week, Cantor Fitzgerald CEO Howard Lutnick and Key Square Capital Management founder Scott Bessent were top possibilities. Now, Apollo Global Management CEO Mark Rowan and former Fed governor Kevin Warsh are running.

Elon Musk prefers crypto enthusiast Lutnick. The other three have also supported crypto, albeit Kevin Warsh and Marc Rowan are less so. Kevin Warsh is 44% likely to become treasury secretary, Scott Bessent 24%, Mark Rowan 16%, and Howard Lutnick 13.2%, according to polymarkets.

Pro-crypto candidates are more likely to make Trump's second administration crypto-friendly, which benefits Bitcoin.

US debt boom vs. Bitcoin shortage

While the Treasury pick is stalling the Bitcoin rally, crypto's outlook remains positive; Trump's economic policies of lowering taxes and massive stimulus injections could explode America's national debt, helping Bitcoin (with a limited supply) outperform other assets.

Institutional drive

As BlackRock's large Bitcoin trust saw $40 billion in inflows in 211 days, the institutional tilt toward Bitcoin is also growing. Overtakes other ETFs introduced in the recent decade.


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