This week, Trump named Cantor Fitzgerald chief executive Howard Lutnick, who claims to "have hundreds of millions of dollars of exposure to bitcoin," to be his Commerce secretary.
way, way, way higher—sometimes lower—you just have to have faith," Lutnick, who is the U.S. custodian for Tether's $130 billion stablecoin USDT via Cantor Fitzgerald, said earlier this month.
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David Bailey, the chief executive of Bitcoin Magazine publisher Bitcoin Inc and advisor to Trump on bitcoin strategy, has said he believes Trump could appoint senator Bill Hagerty, a bitcoin and crypto advocate, as his Treasury secretary.
"If it happens, back up the truck and dump everything you own into bitcoin," Bailey posted (https://x.com/DavidFBailey/status/1859440650057343070) to X.
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Bloomberg Intelligence analyst Eric Balchunas added that "$1.9 billion is unheard of" for the a first day of trading after earlier telling Yahoo Finance a bitcoin could be on the verge of a price "tipping point."
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Earlier this year, U.S. senator Cynthia Lummis (R-Wyo.) introduced The Bitcoin Act to Congress, calling for the creation of a strategic bitcoin reserve to reduce the U.S.'s spiraling, near-$36 trillion national debt by buying 1 million bitcoin over five years.