Bitcoin Rises 38% Over One Month During Trump Rally
Cryptocurrency Investors Continue to Be Appointed in Second Cabinet
Following the presidential victory of Donald Trump, who dubbed himself the "Cryptocurrency President," Bitcoin's price surged nearly 40% throughout November. The pro-cryptocurrency stance in the second Trump administration is expected to extend beyond just the president. Vice President-elect Senator J.D. Vance, along with Robert F. Kennedy Jr. (Secretary of Health and Human Services), Pete Hegseth (Secretary of Defense), Howard Lutnick (Secretary of Commerce), and Tulsi Gabbard (Director of National Intelligence, DNI), are also recognized as cryptocurrency investors.
Donald Trump, the US President-elect who called himself the "Cryptocurrency President," is giving a speech at the 'Bitcoin 2024' conference held in Nashville, Tennessee, last July before the presidential election. Photo by Reuters Yonhap News
On the 1st (local time), Yahoo Finance reported that key appointees in the incoming Trump second-term administration, set to launch in January next year, have officially disclosed past investments in cryptocurrencies including Bitcoin and Ethereum. Ian Katz, Managing Director at Capital Alpha Partners, stated, "Many individuals interested in cryptocurrencies are entering the next administration," adding, "They care about the success of cryptocurrencies. Even if they have to divest their holdings due to government regulations concerning conflicts of interest, that remains true."
In Trump’s case, filings submitted to the Federal Election Commission in August confirmed his investment in the cryptocurrency Ethereum, valued between $1 million and $5 million. Additionally, he is involved in a proprietary cryptocurrency business through 'World Liberty Financial' alongside his eldest son Donald Trump Jr. and second son Eric. Vance, a Silicon Valley venture capitalist turned senator-elect, also disclosed in August that he held Bitcoin worth between $250,000 and $500,000. However, it remains uncertain whether Vance still holds these assets. Unlike cabinet secretaries, the president and vice president are not legally required to divest stocks or other holdings during their term even if conflicts of interest arise.
Among cabinet nominees, former presidential candidate Robert F. Kennedy Jr. stands out as a prominent cryptocurrency investor. In June last year, he disclosed holdings of Bitcoin valued between $100,000 and $250,000. During a Bitcoin conference in July of the same year, he told Yahoo Finance in an interview, "I have invested a significant portion of my personal wealth in Bitcoin," adding, "Not to make money, but because it aligns well with my values."
Howard Lutnick, appointed as Secretary of Commerce and known as a "cryptocurrency evangelist," has operated related businesses as a major stakeholder in the stablecoin Tether. His company, Cantor Fitzgerald, provides U.S. Treasury bonds as collateral necessary for issuing Tether and earns fees for this service. The company has also reportedly discussed receiving support from Tether for its Bitcoin-collateralized lending business. In a recent interview with Anthony Pompliano, Lutnick confirmed that he holds Bitcoin worth hundreds of millions of dollars.
Additionally, although less directly related to cryptocurrency policy, Pete Hegseth, the nominee for Secretary of Defense, is among the cabinet candidates who have acknowledged Bitcoin investments. A former Fox News political commentator, he appeared on television the day after Trump’s election victory and said, "I feel good because I hold quite a bit myself." Tulsi Gabbard, nominated as DNI director and known for controversial pro-Russia and pro-Syria statements, disclosed in December 2017, while serving as a U.S. Representative for Hawaii’s 2nd congressional district, that she held Ethereum and Litecoin worth up to $15,000. It is unclear whether Gabbard still holds these coins, but Yahoo Finance noted that she gave a speech at a Bitcoin conference held in Miami last year.
Yahoo Finance pointed out that cabinet nominees must sell assets if conflicts of interest arise with their official duties, and this rule applies to digital assets such as Bitcoin as well. Lutnick has already announced plans to divest in accordance with government ethics regulations. According to Coinbase, the leading cryptocurrency Bitcoin is currently trading around $97,349 per coin. Thanks to the so-called "Trump rally," Bitcoin’s price increased by approximately 38% over the course of November.
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