Billionaire Elon Musk and political figure Robert F. Kennedy Jr. have endorsed Bitcoin by backing Howard Lutnick in the heated debate over who should become the next Treasury secretary under President-elect Donald Trump.
Lutnick, CEO of Cantor Fitzgerald, is competing with Scott Bessent, founder of KeySquare Group, for the position. Both candidates have strong pro-cryptocurrency stances, making the decision crucial to the U.S. financial landscape.
Cryptocurrency Pro-Currency Candidates Jockey for Trump Treasury Role
On November 16, Kennedy Jr., recently nominated as Secretary of Health and Human Services, endorsed Lutnick for Treasurer. He praised Lutnick’s pro-crypto approach, emphasizing its potential to address pressing economic challenges such as inflation, a weak dollar, and a growing national debt.
“Bitcoin is the currency of freedom, a hedge against inflation for the American middle class, a cure for the dollar’s decline as a global reserve currency, and a way out of our devastating national debt. There will be no stronger advocate for Bitcoin than Howard Lutnick,” Kennedy said.
Musk also expressed support for Lutnick. In his statement, Musk suggested that Lutnick could bring about significant change, comparing him to Bessent, whom he described as a “business as usual” candidate. According to him, bold action is needed to address the U.S. economic challenges, adding that a strong shakeup is necessary to avoid further decline.
“Biscent is business as usual, Lutnick is the real change. Business as usual is bankrupting America, so we need to change somehow,” Musk commented.
Lutnick’s leadership experience, particularly his role in rebuilding Cantor Fitzgerald, has earned him respect in the financial world. His vocal support for cryptocurrencies and efforts to integrate them into traditional finance, such as Cantor’s role as custodian of Tether assets, demonstrates his progressive approach.
On the other hand, recent statements attributed to Besent confirm his belief in the potential of cryptocurrencies. This is in line with Trump’s vision of making the United States the world leader in blockchain innovation. One of the statements attributed to him says:
“I think everything is on the table with Bitcoin. One of the exciting things about Bitcoin is that it attracts young people and people who have never been involved in markets before. Developing a market culture in the United States, where people believe in a system that works for them, is the essence of capitalism.”
Meanwhile, the debate has extended to decentralized prediction markets, where users are divided. On Polymarket, each candidate has a 47% chance of being selected.
Lutnick and Bessent's chances of taking on a role at the U.S. Treasury.
The appointment is seen as likely to set the tone for the Trump administration, which has already shown a strong pro-crypto stance by appointing several blockchain advocates to key positions. However, whether Lutnick or Bessent takes on the role, the decision will have far-reaching implications for the country’s economic direction.
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