The main choices made by the 47th President of the United States for his second term: several secretaries hold bitcoins.
Donald Trump, who will return to the White House as the 47th President of the United States, has proposed himself as the ideal candidate to incentivize the digital assets sector, speaking positively about Bitcoin and the industry in general. With his new administration, Trump has appointed a team of ministers and officials who not only share his vision and values but also hold significant quantities of bitcoins.
JD Vance – Vice President of the United States
James David Vance, Ohio senator and lawyer, has been chosen as Vice President of the United States. He was a rival of Donald Trump until January 31, 2023, when he expressed his support for the former President in the Republican Party primaries.
Vance is a convinced supporter of Trump’s “America First” policies and is known for his strong positions on economic and social issues. He is described as a national conservative and right-wing populist and defines himself as a member of the post-liberal right. His political positions include opposition to abortion, same-sex marriage, gun control, and US military aid to Ukraine.
Vance is also a supporter of the digital assets ecosystem. In 2022, when Canada had announced freezing bank accounts of those protesting Covid-19 restrictions, Vance wrote on Twitter:
“This is why cryptocurrencies are taking off. The regime will cut off your access to banking services if you have the wrong political ideas”.
He also criticized SEC President Gary Gensler, stating that his approach to cryptocurrency regulation “is exactly the opposite of what it should be”.
Vance owns between $250,000 and $500,000 in Bitcoin, according to federal disclosure forms filed in August and reported by CBS News.
Elon Musk and Vivek Ramaswamy – Department of Government Efficiency
Elon Musk has been appointed alongside Vivek Ramaswamy to lead the new Department of Government Efficiency (Doge).
Despite some controversial moves, Musk’s view on Bitcoin remains positive: in February 2021, Tesla invested $1.5 billion in Bitcoin to diversify assets in its portfolio. Tesla currently holds 11,509 bitcoins, worth over $1 billion. According to Arkham Intelligence, Musk’s second company, SpaceX, also holds 8,285 bitcoins.
Ramaswamy, an American entrepreneur and former presidential candidate, will work with Musk to “dismantle government bureaucracy, reduce excessive regulations, cut unnecessary spending, and restructure federal agencies.” Their initiative has been compared to the method used by Argentine President Javier Milei, aiming to radically transform the government.
After finishing fourth in the Iowa caucuses, Ramaswamy suspended his campaign in January 2024 and endorsed Trump.
Ramaswamy was the person who informed the tycoon about the potential dangers of a national CBDC. Last January, during a rally in Laconia, New Hampshire, Trump said:
“Vivek wanted it, and I give him full credit. I will never allow the creation of a Central Bank Digital Currency.”
In 2023, Ramaswamy attended the North American Blockchain Summit in Texas, where he stated:
“I believe code is a form of expression and is protected by the First Amendment. Any regulation touching self-hosted wallets will fall under my supervision. On my first day as your next President, I will cancel any unconstitutional regulation. To be clear, this will include most, if not all, of the SEC’s regulation related to cryptocurrencies.”
Ramaswamy attended the Bitcoin Conference organized by Bitcoin Magazine in both 2024 and 2023.
According to some 2023 disclosure forms, Ramaswamy owns between $100,000 and $250,000 in Bitcoin.
Howard Lutnick – Secretary of Commerce
Howard Lutnick, CEO of Cantor Fitzgerald, a major New York-based financial services company founded in 1945, has been chosen as Secretary of Commerce.
In a statement, Trump said:
“He will lead our agenda on tariffs and trade, with additional direct responsibility for the U.S. Trade Representative’s Office.”
His company not only manages thousands of dollars in U.S. government debt securities for investors, but since 2021, it has also held a significant amount of Treasuries (U.S. government bonds) for Tether, the largest stablecoin on the market.
Lutnick has a pro-market vision and has supported the importance of technological innovations in global trade.
Last January, during the 2024 Davos Forum organized by the World Economic Forum, Lutnick stated:
“When the halving happens, Bitcoin will begin its rally and start growing.”
In an interview with Bloomberg, he also discussed Tether, revealing Cantor Fitzgerald’s collaboration with the stablecoin issuer:
“There’s a company I like, it’s called Tether. It’s a stablecoin, and I manage many of their assets. Tether Holdings is the name of the group, and I want to say it clearly here with you: from what we’ve observed and after conducting thorough analysis, I can say they have the funds they claim. In the latest attestation, they reported $86 billion in assets and $83 billion in liabilities. I’ve seen many things in my career, and my team has also carefully examined the situation: Tether has the funds.”
Last year, in an interview with CNBC, Lutnick commented:
“I’m a fan of cryptocurrencies, but let me be very clear: Bitcoin, only Bitcoin. These other coins don’t matter.”
At the 2024 Bitcoin Conference in Nashville, Lutnick backed Tether and stated that USDT is 1:1 backed and holds reserves in U.S. Treasuries, Bitcoin, and gold.
“My opinion is that Bitcoin, like gold, should be free to be traded anywhere in the world,” Lutnick said during the event organized by Bitcoin Magazine.
Recently, in an interview with Anthony Pompliano, Lutnick stated:
“I have hundreds of millions of dollars in exposure to Bitcoin.”
Robert F. Kennedy Jr. – Secretary of Health and Human Services
Robert F. Kennedy Jr., an environmental lawyer and controversial figure in the American political landscape, has been nominated as Secretary of Health and Human Services. His nomination has sparked strong reactions due to his vaccine-skeptical positions over the years. Kennedy has promised to “clean up” federal health agencies from corruption and restore science-based policies.
RFK Jr. attended the Bitcoin Conference in 2023 and 2024. During the 2024 event, John F. Kennedy’s nephew declared:
“I strongly support Bitcoin. I was here a year ago at the other Bitcoin conference. I came home and invested most of my wealth in Bitcoin, so I’m completely committed.”
In a recent X post, he stated:
“Bitcoin is the currency of freedom, a protection against inflation for the American middle class, a remedy to the downgrading of the dollar as a world reserve currency, and an exit from the disastrous national debt”.
Kennedy has also criticized current regulatory measures, particularly those of the Biden administration, considering them excessively restrictive towards cryptocurrencies:
“The Biden administration’s hostility towards Bitcoin is pushing this technology abroad”.
Tulsi Gabbard – Director of National Intelligence
Tulsi Gabbard, former Congress member and presidential candidate, has been nominated Director of National Intelligence. The former Hawaiian Democratic representative has shown some openness towards cryptocurrencies.
Gabbard argues that the push towards CBDCs is part of a broader government effort to exercise population control. In May 2023, she spoke at the Bitcoin Conference, discussing potential threats to freedom posed by CBDCs and emphasizing Bitcoin’s importance as an alternative.
A 2018 declaration reveals her purchase of Litecoin and Ethereum, each valued between $1,001 and $15,000. However, a 2019 statement indicates she no longer holds cryptocurrencies.
Chris Wright – Department of Energy
Chris Wright, founder and CEO of Liberty Energy, has been chosen by Trump to lead the Department of Energy. With a career dedicated to expanding oil and natural gas production, Wright is a strong advocate for fossil fuels and an outspoken critic of the climate policies implemented by the Biden administration. His appointment signals a clear intention by Trump to refocus on traditional energy production in the United States. Wright will also be tasked with leading the new National Energy Council, aimed at promoting American energy independence through deregulation and increased domestic production.
Wright has stated in various interviews:
“There is no climate crisis and we are not in the middle of an energy transition”.
So far, Wright has not expressed any opinions about Bitcoin and the mining industry.
Pete Hegseth – Secretary of Defense
Pete Hegseth, a war veteran and Fox News host for eight years, was chosen as Secretary of Defense. Though his primary focus is national security, Hegseth has expressed favorable views on cryptocurrencies as a tool to strengthen the American economy.
After Trump’s presidential election victory, he stated:
“Look at Trump, he’s making Bitcoin great again. It was enough to signal to that market that it would not be overly regulated. Trump welcomed them”.
When asked if he intended to sell his bitcoins during the price peak, Hegseth responded:
“I sold a bit at a fairly high price… but I’m still holding quite a few, so I feel good.”
Michael Waltz – National Security Advisor
Michael Waltz, current Congress member, was chosen as National Security Advisor. Waltz has recognized the importance of Bitcoin and other digital assets in the economic security context.
Recently, Waltz voted in favor of pro-crypto laws like FIT21 and the repeal of the SEC SAB 121 rule, and co-sponsored a bill to prohibit CBDC use in the United States.
According to 2023 declaration forms, Waltz owns between $50,000 and $100,000 in bitcoin.
Scott Bessent – Treasury Secretary
Scott Bessent, founder of Key Square Capital Management and former fund manager for George Soros, has been nominated Treasury Secretary. Bessent has shown openness to Bitcoin and other cryptocurrencies, and his nomination could lead to more favorable tax policies for the cryptocurrency sector.
In a July interview with Fox News, Bessent commented:
“I’m excited about the President’s support for cryptocurrencies. With Bitcoin, anything is possible. Cryptocurrencies are about freedom. One of the most exciting aspects of Bitcoin is that for a generation of investors who lived through the financial crisis and sought investment opportunities but grew tired of markets, cryptocurrencies are attracting young people and those who haven’t participated in markets. Having a market culture in the United States and believing in a market that works for them is the core of capitalism”.
Doug Burgum – Department of the Interior Secretary
Doug Burgum, a software entrepreneur, North Dakota governor, and former presidential candidate, was nominated by Trump as Department of the Interior Secretary. He is known for conservative positions on abortion, LGBT issues, and the environment, opposing electric car subsidies, gas stove bans, supporting gun ownership rights, opposing critical race theory in schools, and taking a hard stance on immigration.
Marco Rubio – Secretary of State
Marco Rubio, Florida senator and former presidential candidate, was nominated Secretary of State. This makes him the primary presidential advisor on foreign policy and the country’s representative in international diplomatic relations. His nomination is seen as a way to strengthen US international relations during a period of global crises. He will be the first Latino Secretary of State in US history.
SEC presidency
Intending to restructure the Securities and Exchange Commission, Trump is considering several candidates to replace current president Gary Gensler.
Through an official statement on November 21, Gensler announced his resignation:
“On January 20, 2025, I will resign from my position as SEC President”.
The nomination of a more digital asset-friendly SEC president could have a significant impact on sector regulation and investor confidence.
