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Elon Musk, who openly supports Trump in the elections, is actively trying to maintain his position on the stage. For cryptocurrency investors, the key aspect is the increased presence of crypto-friendly individuals in the current cabinet. Having people close to cryptocurrencies in key positions will provide reassurance to the markets for the next four years.
Elon Musk and Cryptocurrency
The famous billionaire recently announced the name he supports for the Treasury Secretary position. Elon Musk has publicly sided with Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald, against hedge fund manager Scott Bessent. Before Trump, who will take office on January 20, 2025, finalizes all positions.
In his recent post, Elon Musk stated:
“Bessent is always a choice, while @howardlutnick will truly bring change. Business as usual is driving America into bankruptcy, so we need change.”
Lutnick and Bessent have long been discussed as candidates for the Treasury Secretary role. While Lutnick argues that cryptocurrencies could be used for people to pay their taxes, the other potential candidate approaches cryptocurrencies with skepticism.
Potential Fluctuations in Cryptocurrency
If Trump announces the other candidate for the Treasury Secretary position, it will indicate that the new President may not fulfill his promises regarding cryptocurrencies. This scenario could lead to a downturn in the markets. Another price trigger will be observed when the name considered for the SEC Chair position is announced.
While the Fed Chair is unlikely to change, having a crypto-friendly Treasury Secretary will be crucial to alleviating the pressure on cryptocurrencies. The current secretary, Yellen, has made numerous statements targeting cryptocurrencies, and the desired progress in regulations has not been achieved.
With Trump’s party now holding a majority in both the Senate and the House of Representatives, Republicans have gained significant leverage regarding legal regulations. Thanks to the ongoing strong support of crypto PACs for candidates who back investors, we will see many crypto-friendly names in Congress.
Future statements from the Trump camp will be extremely important.
