The deployment is complete, and Bitcoin is set to reach $100,000 soon.
Written by: shaofaye123, Foresight News
Only two weeks have passed since Trump was elected, and his 2.0 cabinet has already been fully nominated. Among its members are not only believers in Bitcoin but also supporters of altcoins and Dogecoin, this article will give you a quick overview of Trump's 2.0 team and their stance on cryptocurrencies.
Newly appointed President Trump himself owns over $5 million in cryptocurrencies. According to Arkham data, Donald Trump currently holds $5.4 million in cryptocurrencies, with his largest asset being ETH, holding 495.664 ETH, worth approximately $1.7 million. His top five holdings also include: WETH (about $1.64 million), TRUMP (about $1 million), TROG (about $400,000), GUA (about $150,000).
Overview of the 2.0 Cabinet List
On November 23, Trump announced that he would nominate former White House aide Brooke Rollins as Secretary of Agriculture. Thus, Trump's 2.0 cabinet has been formed, and the speed and efficiency of this nomination have drawn attention.
Above is the complete list of Trump's cabinet (some positions require Senate confirmation). Source: Political News
The members of Trump's 2.0 cabinet and the 1.0 version can be said to have vastly different styles, from financial tycoons to medical geniuses to news anchors, compared to the 'dream team', this update seems more eye-catching. Among the 25 members of the 2.0 cabinet (excluding Trump), there is a significant proportion of cryptocurrency-friendly individuals, all of whom hold supportive attitudes toward cryptocurrencies to varying degrees, some of whom have even publicly disclosed their cryptocurrency holdings.
Vice President J.D. Vance: A staunch supporter of cryptocurrency
J.D. Vance, born in 1984, is a writer and venture capitalist. As a rising star in American politics, he is expected to become the second youngest Vice President in American history with two years of political experience this year. J.D. Vance's upbringing was quite challenging, with a complex family background; his mother struggled with drugs and alcohol and he was raised by his grandparents. After graduating from high school, Vance joined the U.S. Marine Corps and served in the Iraq War. After retiring, he attended Ohio State University and Yale Law School, earning a bachelor's degree in political science and philosophy and a Juris Doctor degree.
Vance is widely known for his bestselling book 'Hillbilly Elegy', which not only made him famous but is also considered one of the key works behind Trump's victory in the 2016 election. In 2022, Vance won the seat for Ohio Federal Senator with his positive stance on cryptocurrencies, advocating for a more lenient regulatory policy on digital assets. This year, he drafted a series of guidelines for the cryptocurrency industry, including support for the repeal of SAB-121 accounting standards and reforming legislation on digital asset regulation. Currently, Vance's draft has gained support from 71 Democratic House members and is expected to be formally submitted soon.
J.D. Vance is very friendly towards cryptocurrencies and has publicly mentioned cryptocurrencies multiple times. When opposing the Canadian authorities' ban on pandemic control drivers' bank accounts, he stated, 'This is why cryptocurrency is thriving; if your political views are wrong, the regime will cut off your access to banking services.' This February, when the SEC took enforcement action against the cryptocurrency mining company Debt Box, he also raised questions.
J.D. Vance's most recent disclosure shows that as of 2022, J.D. Vance holds between $100,001 to $250,000 worth of Bitcoin, which he holds through Coinbase. J.D. Vance also has accounts with Robinhood and Charles Schwab but has not disclosed specific holding details.
The new 'God of Wealth' is a cryptocurrency enthusiast
Treasury Secretary Scott Besant
The Department of Treasury is the center of economic governance in the U.S. government. It is a department that oversees major brokerage affairs, responsible for managing financial affairs, formulating brokerage policies, and financial regulation.
Scott Besant is a hedge fund giant, a celebrity in New York's financial circle, and a protégé of Soros. His personal experience is quite legendary; he worked for George Soros 30 years ago; in 1992, he was instrumental in the collapse of the pound, rising to fame and earning over $1 billion. He left in 2015 to found Key Square Group, managing assets exceeding $5 billion at its peak.
He is the first Treasury Secretary nominee to publicly support cryptocurrencies. In interviews, he has shown no reluctance in expressing his love for cryptocurrencies, stating, 'Cryptocurrency is very much in line with the spirit of the Republican Party.' 'Cryptocurrency represents freedom; the crypto economy is an irreversible trend.' Unfortunately, there has yet to be a publicly disclosed record of Besant's cryptocurrency holdings.
Secretary of Commerce Howard Lutnick
The U.S. Department of Commerce is mainly responsible for trade investment, export controls, semiconductor research, artificial intelligence, coastal fisheries, and patents. Additionally, it oversees the Census Bureau, National Weather Service, and National Oceanic and Atmospheric Administration. It plays a leading role in economic policy, international trade, and high-tech development. For cryptocurrencies, it determines the future direction of U.S. policy and resource allocation in this emerging field.
Commerce Secretary Lutnick, a Jewish financier, was a major backer during Trump's campaign. Lutnick, born in 1961, graduated from Hofstra University and previously worked at Cantor Fitzgerald, where he became CEO. Since 2021, Cantor Fitzgerald has been involved in cryptocurrency-related business, helping Tether manage its U.S. Treasury inventory supporting its USDT stablecoin. Recently, they announced a Bitcoin financing business that will provide leverage for Bitcoin investors, with initial funding up to $2 billion. After being nominated as Commerce Secretary by Trump, he plans to transfer his company's Tether business relations to his son Brandon Lutnick.
His attitude towards cryptocurrencies is also quite positive, 'We have the largest capital markets and the strongest financial system, and if we do not take the lead in promoting the widespread adoption of cryptocurrencies, we will lose this advantage.' As a superfan of Bitcoin, Lutnick has repeatedly supported the development of Bitcoin in public occasions. At the 2024 Bitcoin conference, he stated, 'Bitcoin is just like gold. Bitcoin should be traded like gold—globally, without exception.' 'Bitcoin is the future economy!'
Lutnick recently revealed in an interview with Professional Capital Management founder Anthony Pompliano, 'I own Bitcoin worth several hundred million dollars, and I expect that number to soon reach billions.'
Other cryptocurrency-friendly individuals
Additionally, members of the cabinet from other departments also hold some cryptocurrencies:
National Security Advisor Mike Waltz has also publicly disclosed his Bitcoin holdings. Records from 2023 show that Waltz owns between $50,000 to $100,000 in Bitcoin.
National Intelligence Director Tulsi Gabbard was also disclosed to hold between $1,000 to $15,000 in Litecoin and between $1,000 to $15,000 in Ethereum in the second half of 2017.
Robert Kennedy Jr., the Secretary of Health and Human Services, has also stated that he will invest most of his wealth in cryptocurrencies and claims to be a staunch supporter of Bitcoin.
Right-hand man Elon Musk
The Department of Government Efficiency (D.O.G.E.) is a new initiative proposed by Trump. Its main goal is to reduce the federal budget deficit and improve the efficiency and effectiveness of government operations. Both nominated candidates have deep connections with cryptocurrencies.
Co-leader of the Department of Government Efficiency Elon Musk
The concept of the Department of Government Efficiency (DOGE) originated from a discussion between Elon Musk and Donald Trump, where Musk proposed the idea of establishing a streamlined government efficiency department. Musk was appointed by Trump as a co-leader of the 'Department of Government Efficiency', and the department's abbreviation is the same as the code for Dogecoin (DOGE), making him the most suitable to convey the spirit of cryptocurrencies. Musk and Ramaswamy will collaborate with the Office of Management and Budget (OMB) to address 'massive waste and fraud' in government spending.
Elon Reeve Musk was born in South Africa and is undoubtedly an outstanding businessman, known for his key roles in space company SpaceX and automotive company Tesla, Inc., as well as owning the company X Corp, which operates the social media platform X (formerly Twitter). As of November 2024, Forbes estimates his net worth to be $304 billion. As a key member of Trump's camp, he has publicly supported Trump multiple times, and his tweets have a significant influence on cryptocurrencies, with PAC, PNUT, WOULD, and others having seen hundred-fold increases due to his influence.
Regarding crypto assets, according to Arkham Intelligence, Tesla holds 11,509 BTC, valued at approximately $1.11 billion, while Musk personally 'still holds a large amount of Dogecoin'.
Co-leader of the Department of Government Efficiency Vivek Ramaswamy
Vivek Ramaswamy, born in Cincinnati, Ohio, was once a 'Young Indian Leader', holds a J.D. from Yale University, and is a prodigy in the pharmaceutical industry, founding the American pharmaceutical company Roivant Sciences in 2014. He later entered American politics, and this year participated in the presidential election as a Republican, with a rather legendary experience.
He is very optimistic about cryptocurrencies. Not only does he claim to hold digital assets, but he has also publicly supported the compliance of cryptocurrencies. At the 2023 Miami Bitcoin conference, he announced that he would accept cryptocurrency donations for his campaign. At Messari's Mainnet conference, he also actively expressed forward-looking views on cryptocurrencies and announced an upcoming cryptocurrency policy blueprint. In early November, he announced that his asset management company Strive would include Bitcoin in clients' portfolios.
Conclusion
However, the completion of Trump's nominations does not mean that these cabinet members can immediately take office; they must wait for confirmation by the Senate. But normally, the likelihood of the cabinet list proposed by Trump being approved by the Senate is quite high.
In this 2.0 update, all departments seem particularly friendly towards the cryptocurrency industry, from economics to policy, but the road to regulation and compliance is still long. With the approval of ETFs, interest rate cuts, and the completion of the 'crypto dream team', we believe we can witness the arrival of the golden age of cryptocurrency together.
