Will Trump's New Team Shape the Future of Crypto? An Overview of New Government Members' Stance

Before winning the 2024 U.S. presidential election, Trump committed to supporting pro-cryptocurrency policies. As the new government officials are gradually revealed, their connections to the crypto world have quickly drawn the market's attention.

As Trump's new cabinet team takes shape, many nominees could positively impact the cryptocurrency industry.

Trump committed to making the U.S. the "Cryptocurrency Capital of the World," and he holds around $7.6 million in cryptocurrency. Before winning the 2024 U.S. election, Trump promised to push for cryptocurrency-supporting policies.

JD Vance strongly supports cryptocurrency and has made several important statements about it. He shows his pro-crypto stance, starting with his support for the pro-crypto House Joint Resolution SAB 121.

Documents submitted to the U.S. Congress on August 13, 2024, reveal that Vance reported holding Bitcoin worth between $100,000 and $250,000.

There are no public records of Bessent holding cryptocurrency. He ran Key Square Group and worked with George Soros 30 years ago, playing a key role in the 1992 bet against the pound that earned the firm over $1 billion.

"I am very excited about (Trump) embracing cryptocurrency; I think it aligns very well with the spirit of the Republican Party. Cryptocurrency represents freedom, and the crypto economy will endure," he stated in a July interview with Fox Business. "Cryptocurrency attracts young people and those who have never participated in the market."

Lutnick is a big fan of Bitcoin. At the 2024 Bitcoin conference, he stated, "Bitcoin is the same as gold. Bitcoin should be traded like gold - globally, without exception."

In a recent interview with Anthony Pompliano, founder of Professional Capital Management, Lutnick revealed, "I own Bitcoin worth hundreds of millions of dollars, and I expect that number to reach billions very soon."

Former Republican Congressman from Florida, Michael Waltz, is a strong supporter of cryptocurrency. He voted for the pro-crypto FIT21 bill, backed the pro-crypto House Resolution SAB 121, and co-sponsored the CBDC Anti-Surveillance State Act, which aims to prevent the use of central bank digital currencies (CBDCs) as tools for surveillance.

The filing records from last year show that in 2023, Waltz held Bitcoin worth between $50,000 and $100,000.

Some new members have directly invested in crypto, while others have supported the crypto industry through their policies and statements. As co-head of the new Department of Efficiency, Elon Musk is also a supporter of Bitcoin and Dogecoin.

Although Musk is not part of Trump's cabinet, he has a close relationship with Trump's team and is a public cryptocurrency supporter. Earlier this year, Musk said at an X-Space event, "I still hold a lot of Dogecoin, and SpaceX also holds a lot of Bitcoin." As of November 21, Arkham Intelligence reported that Tesla owns 11,509 BTC, worth about $1.11 billion.

Since the U.S. election, Bitcoin has seen strong growth, and QCP Capital believes that a target price of $100,000 to $120,000 is possible. If Trump returns to the White House, Bitcoin's potential strength could signal a major shift in market expectations. His plans for Bitcoin reserves and moving from gold to Bitcoin offer a positive outlook for Bitcoin prices.

Maruf Yusupov, co-founder of Deenar, said that Bitcoin's rapid rise after Trump's win could change how people view inflation protection. Trump's focus on tax cuts, tariffs, and cryptocurrency has increased interest in Bitcoin as a modern alternative to gold. As more institutions adopt it, we may see a significant capital shift from gold to digital assets.