Donald Trump’s choice of Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary has had repercussions in financial circles, particularly among crypto enthusiasts – with many questioning Howard Lutnick’s impact on Bitcoin and Howard Lutnick’s influence on crypto policy.
Lutnick is a strong advocate for digital assets. He personally owns Bitcoin .cwp-coin-chart path svg { trait: ; line width: ; }
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and Tether, and his company recently hosted a conference at which Michael Saylor spoke. Saylor discussed the Trump/Vance victory and the idea of a Bitcoin strategic reserve.
Robert F. Kennedy Jr., Bitcoin advocate Anthony Pompliano and crypto entrepreneur Gary Vee have all expressed support for Lutnick.
What Howard Lutnick Means for Bitcoin
Howard Lutnick is not your typical Wall Street executive. As head of Cantor Fitzgerald, he has been ahead of the curve in crypto, focusing on Bitcoin and Tether. Under Lutnick since 2021, the company has led Tether’s U.S. Treasury and bond portfolios, proving its commitment to merging digital money with old-fashioned finance.
In a recent statement, he reaffirmed his belief in the potential of Bitcoin, emphasizing: “Bitcoin is not just an American thing. It’s a global phenomenon.
So what will a Howard Lutnick-led Department of Commerce look like for Bitcoin and crypto assets?
Let’s start with the crazy theories.
Remember, we don’t know exactly and we are thinking out loud. It is possible that Lutnick supports Michael Saylor’s idea that the US government would use Bitcoin to combat the debt crisis.
Aside from that, Lutnick also talked about the United States selling land rights to combat debt; since the federal government owns so much land, it does nothing with it.
Lutnick also means that the United States will take more seriously the increase in the hegemony of the US dollar through the use of stablecoins abroad. Maintaining a strong dollar relative to other fiat currencies would be crucial for the United States, as would buying and holding bitcoin.
At a minimum, however, we could see more Bitcoiners ascending to positions of power, meaning the state is neutralized as a threat, at least in the short to medium term.
The government has always been the “final boss” of Bitcoin and it looks like it could win this final battle under the Trump administration.
Lutnick’s belief in Bitcoin’s potential to drive market expansion will guide his actions within the Trump administration.
The bull case in all of this is nothing less than Bitcoin unlocking the timeline of infinite, easy gains and rises. Shitcoins may have no chance of keeping up.
When will the Altcoin season end?
We know what Lutnick will do for Bitcoin, but what about altcoins? The bull is running here, but these bags of altcoins are taking a nap.
The immediate news is grim. Another day, another new ETH/BTC low.
We haven’t had an alternate season since 2021, not even a mini. When will Bitcoin dominance fall?
The problem in favor of alts is that most of the money coming into Bitcoin now comes from ETFs, and this money cannot easily be transferred to alts. Do you think JP Morgan will sell its Bitcoin once it peaks to buy Pepe? LOL. Zoom out on the monthly charts. Dominance has continued to increase since April 2022.
Our bullish argument at 99Bitcoins is that the alt season will only take place once Bitcoin has maximized its gains.
For now, thanks to people like Howard Lutnick, who is BTC Über Alles, we won’t see a real alternate season until 2025. Until then!
EXPLORE: American Bitcoin Reserve: the world on the brink of the BTC arms race
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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.
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