Billionaire Elon Musk and political figure Robert F. Kennedy Jr. appeared to support Bitcoin proponent Howard Lutnick during the heated debate over who should become the next Secretary of the Treasury under President-elect Donald Trump.
Lutnick, CEO of Cantor Fitzgerald, is competing with Scott Bessent, founder of Key Square Group, for the position. Both candidates are recognized for their pro-crypto stance, making the decision important for the US financial landscape.
Pro-cryptocurrency candidates compete for Treasury Secretary position in the Trump administration
On November 16, Kennedy Jr., who had just been nominated to be Secretary of Health and Human Services, endorsed Lutnick for Secretary of the Treasury. He praised Lutnick’s pro-cryptocurrency approach, emphasizing its potential to address pressing economic challenges such as inflation, a weakening dollar and rising national debt.
Bitcoin is the currency of freedom, a hedge against inflation for the American middle class, a remedy for the decline in value of the USD as it ceases to be the world’s reserve currency, and a way out. from dangerous national debt. Bitcoin could not have had a stronger proponent than Howard Lutnick,” Kennedy stated.
Musk also expressed support for Lutnick. In his statement, Musk argued that Lutnick could push for meaningful change, in contrast to Bessent, whom he described as an “old school” candidate. According to him, bold action is needed to address America’s economic challenges, stressing that a turnaround is necessary to avoid further recession.
“Bessent is the old-fashioned choice, while Lutnick would really make a change. The old ways are pushing America into bankruptcy, so we need to change by all means,” Musk emphasize.
Lutnick’s leadership experience, especially his role in rebuilding Cantor Fitzgerald, earned him respect in financial circles. His public support for cryptocurrencies and efforts to integrate them into traditional finance, such as Cantor’s role as custodian of Tether’s assets, demonstrate a progressive approach your.
On the other hand, Bessent’s recent statements confirm his belief in the potential of cryptocurrencies. This view is consistent with Trump’s vision of making the US a global leader in blockchain innovation. A statement supposedly related to him said:
“I think everything is possible with Bitcoin. One of the most interesting things about Bitcoin is that it attracts young people and people who have never participated in the market before. Instilling an American market culture, where people trust a system that works for them, is the foundation of capitalism.”
Meanwhile, the debate has spread to decentralized prediction markets, where users are divided. On Polymarket, both candidates have a 47% chance of being selected.
Observers have noted that the appointment could set the course for the Trump administration, which has taken a strong pro-crypto stance by appointing many blockchain proponents to key positions. important. However, whether Lutnick or Bessent is chosen, the decision will have a profound impact on the nation’s economic direction.