Polymarket betting favors Lutnick for treasury secretary post following Musk's backing
Polymarket betting favors Lutnick for treasury secretary post following Musk's backing
The race for Secretary of the Treasury in President-elect Donald Trump’s administration has intensified, with Cantor Fitzgerald CEO Howard Lutnick emerging as a leading contender. Polymarket bettors now favor Lutnick, who has garnered 49% odds, slightly ahead of hedge fund manager Scott Bessent at 45%. The race has seen over $1 million in betting volume as of Sunday morning.
Lutnick’s rise in odds follows an endorsement from Elon Musk, who posted on X (formerly Twitter) that Lutnick represents a break from “business-as-usual” and is more likely to enact meaningful change. Musk’s comments, combined with a surge of lobbying from prominent cryptocurrency executives, have significantly bolstered Lutnick’s position.
Crypto community rallies behind Lutnick
Lutnick, a vocal advocate for Bitcoin and other digital currencies, has long been a prominent figure in the financial and cryptocurrency worlds. His firm, Cantor Fitzgerald, manages billions in Tether’s reserves, solidifying his credibility within the sector. Executives from major crypto firms, including Coinbase, Ripple, and Circle, have reportedly lobbied Trump’s transition team to support Lutnick’s appointment.
Despite Lutnick’s recent momentum, the race is far from decided. Trump has reportedly expressed irritation over aggressive lobbying efforts for both Lutnick and Bessent. Other candidates, such as former U.S. Trade Representative Robert Lighthizer, are still in contention, albeit with significantly lower odds.
As the decision looms, the implications for Bitcoin and the broader cryptocurrency market could be profound. Should Lutnick secure the position, his pro-crypto stance could signal a regulatory environment more favorable to digital assets. Conversely, a Bessent appointment may indicate a more traditional approach to financial policy.
The coming weeks will be crucial as Trump finalizes his cabinet appointments, with the Treasury Secretary decision likely to have lasting effects on both Wall Street and the crypto industry.
However, many are concerned that Elon Musk's potential move into the U.S. government could delay billions in capital gains taxes.
