Donald Trump and Elon Musk Back Crypto-Friendly Candidate for Treasury Secretary

Donald Trump has announced the nomination of Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new agency called the Department of Government Efficiency. While Musk was not selected as Treasury Secretary, he has expressed support for candidates like CEO Howard Lutnick and investor Scott Bessent for the position, noting that Lutnick would “really make a difference” in the government’s financial policies.

The recent surge in Bitcoin and other cryptocurrencies has been driven by expectations of more favorable regulations from the Trump administration. Trump has pledged to make the US a “cryptocurrency capital” and plans to require deregulation of the industry, which has boosted investor confidence and pushed Bitcoin’s price above $90,000. The move also fueled a new wave of optimism in the cryptocurrency community, with many experts predicting that Bitcoin price could hit $100,000 in the near future.