Elon Musk, who openly supported Trump in the elections and did his best to get him elected, maintains his place on the stage. The most important thing for cryptocurrency investors is the increase in the number of cryptocurrency-friendly names in the current cabinet. In key positions crypto- Having names close to the currencies will be comforting for the markets for 4 years.
Elon Musk and Cryptocurrency
The famous billionaire recently announced the name he supports for the Ministry of Treasury. Supporting Howard Lutnick, CEO of financial services firm Cantor Fitzgerald, against hedge fund manager Scott Bessent Elon Musk He made his side clear. He will clarify all positions before Trump takes office on January 20, 2025.
Elon Musk wrote the following in his last post:
“Bessent is the choice as always, @howardlutnick will truly enact change. “Business as usual is bankrupting America, so we need change.”
Lutnick and Bessent have long been considered for the Treasury Secretary role. While Lutnick argues that cryptocurrencies could be used to help people pay their taxes, another potential Treasury Secretary is skeptical of cryptocurrencies.
There May Be Fluctuation in Cryptocurrencies
Elon Musk crypto- While supporting the friendlier alternative, if Trump announces the other candidate for the Treasury Secretary post, this new President cryptocurrencies It will show that he will not fulfill all of his promises. And this may cause a decline in the markets. The other price trigger will be seen when the name considered for the SEC Chairman role is announced.
Although the Fed President will not change, it will be important for the Treasury Secretary to be crypto-friendly to relieve the pressure on cryptocurrencies. Current Minister Yellen has made too many statements targeting cryptocurrencies so far and the desired progress has not been achieved regarding regulations.
Now, as Trump’s party has reached the majority in both the Senate and the House of Representatives, the Republicans’ hand has become much stronger regarding legal regulations. Thanks to crypto PACs’ continued heavy support of investor-friendly candidates, we’ll see a lot of crypto-friendly names in Congress.
The statements coming from Trump’s side in the coming days will be extremely important.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
