Bitcoin at the Forefront: Kennedy and Bass Spar Over Treasury Contenders
This weekend, Kyle Bass, the renowned American investor and hedge fund manager who founded Hayman Capital Management in 2005, weighed in on the two frontrunners for the U.S. Treasury Secretary position under President-elect Donald Trump. Currently, the top contenders are Scott Bessent, founder of Key Square Capital Management, and Howard Lutnick, CEO of financial services firm Cantor Fitzgerald.
Bass threw his support behind Bessent, making his views known on the social media platform X. “Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury,” Bass wrote. “Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer.” After the X post, Robert F. Kennedy Jr. jumped onto X to respond to Bass.
Kennedy wrote:
Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnik.
Howard Lutnick has become a vocal champion for bitcoin (BTC), seamlessly weaving the cryptocurrency into his firm’s financial offerings. In July 2024, Lutnick unveiled a $2 billion bitcoin financing venture, designed to offer leverage to bitcoin holders. Cantor Fitzgerald is also linked with Tether. Since late 2021, Cantor Fitzgerald has acted as a custodian for Tether’s reserves, overseeing a substantial part of Tether’s U.S. Treasury assets.
Billionaire hedge fund investor Scott Bessent is likewise seen as pro-crypto. Fox Business journalist Eleanor Terrett took to X to share some of Bessent’s recent comments from a Fox interview. “I think everything is on the table with bitcoin,” Bessent said. “One of the most exciting things about bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism,” the Key Square founder added.
In another quote Terrett shared, Bessent stated:
I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay.
The spirited debate over the next Treasury Secretary reflects a pivotal moment for U.S. economic policy, especially as cryptocurrency continues to permeate financial discussions. Both Lutnick and Bessent bring unique perspectives, but their crypto-friendly stances highlight the growing influence of digital assets. The final choice could signal how the administration plans to navigate the evolving intersection of traditional finance and blockchain innovation.
As the Trump transition team weighs its leadership picks, the conversation highlights cryptocurrency’s increasing influence on U.S. fiscal policy. Whether leaning toward Lutnick’s ambitious crypto initiatives or Bessent’s balanced market-focused strategy, the impact will likely echo far beyond Washington. This choice could reshape America’s position on digital finance, paving the way for the next phase in economic development.
Source:news.bitcoin.com
