Elon Musk Backs Pro-Bitcoin Candidate for Treasury Secretary

Billionaire Elon Musk and political figure Robert F. Kennedy Jr. have endorsed Howard Lutnick, the CEO of Cantor Fitzgerald, for the position of U.S. Treasury Secretary under President-elect Donald Trump. Lutnick faces competition from Scott Bessent, the founder of Key Square Group, in a race that has garnered attention for its focus on cryptocurrency.

Both Lutnick and Bessent are known for their pro-crypto stances, making this decision crucial for the future of U.S. financial policy. Kennedy Jr., who was recently nominated as Secretary of Health and Human Services, praised Lutnick's vision for integrating Bitcoin and other cryptocurrencies into traditional finance. He emphasized that this approach could address key economic issues, including inflation, the weakening of the dollar, and the mounting national debt.

Kennedy described Bitcoin as the "currency of freedom," calling it a hedge against inflation and a way for middle-class Americans to protect themselves financially. He stated that Lutnick would be Bitcoin's (BTC) strongest advocate if appointed to the role.

Elon Musk also voiced his support, contrasting Lutnick with his opponent, Bessent. Musk described Bessent as a "business-as-usual" candidate and argued that bold leadership was needed to tackle America's economic challenges. Musk warned that sticking with traditional methods could lead to further financial decline and stressed the need for innovative policies.

Lutnick's experience as CEO of Cantor Fitzgerald, where he led the company’s recovery after significant setbacks, has earned him widespread respect in the financial sector. His proactive efforts to integrate cryptocurrencies into mainstream finance, such as Cantor's role as custodian for Tether's assets, showcase his forward-thinking approach.

Bessent, however, also has a reputation for supporting blockchain innovation and has echoed sentiments about Bitcoin’s transformative potential. He believes cryptocurrencies can attract young investors and create a fairer financial system, aligning with Trump’s goal of making the U.S. a global leader in blockchain technology.

The contest has also sparked debate in decentralized prediction markets like Polymarket, where both candidates currently have a 47% chance of being selected. Observers note that this appointment will set the tone for Trump's administration, which has already shown a strong inclination toward crypto-friendly policies by nominating several blockchain advocates to key roles.

Whether Lutnick or Bessent secures the position, the decision is expected to have a profound impact on America’s economic direction.