Prominent businessman Howard Lutnick, closely aligned with the Trump campaign, suggests a significant shift in U.S. crypto policy could be imminent, positioning Bitcoin as a strategic asset akin to gold.
Lutnick articulated a vision where the federal government actively supports Bitcoin, moving away from what he described as the discouraging stance of the Biden administration. “What is Bitcoin like? It’s like gold, right?” Lutnick stated, suggesting the previous approach is now “in the rearview mirror.”
An early advocate for digital assets, Lutnick shared his own journey into Bitcoin, starting in 2017. He highlighted the cryptocurrency’s fixed supply—capped at 21 million coins—as the fundamental driver of its value proposition. “It’s just a rare entity. That rarity is what creates its value,” he noted, explaining his evolution from studying blockchain to fully embracing Bitcoin by 2020.
Lutnick, potentially eyed for a key role like Commerce Secretary in a future Trump administration, has reportedly been influential in shaping a more favorable stance towards digital currencies. Alongside figures like David Sacks, he has been associated with proposals for a U.S. Bitcoin Strategic Reserve—an idea floated during Trump’s campaign.
This proactive approach is further exemplified by initiatives like the proposed ‘Investment Accelerator’ program. Lutnick described this Commerce Department concept as a way to fast-track large-scale investments, particularly focusing on Bitcoin mining.
The program aims to facilitate miners building their own private power generation, utilizing off-grid sources like hydroelectric power or captured flare gas. This could dramatically lower energy costs and reduce reliance on public grids. “You’re going to see miners putting data centers right on top of gas fields,” Lutnick predicted. “This will turbocharge Bitcoin mining in America.”
Addressing potential criticisms about network centralization if mining concentrates heavily in the U.S., Lutnick championed the American business environment. He argued that succeeding within the competitive U.S. landscape naturally leads to global leadership. “America is the most extraordinary business place on Earth,” he asserted.
Ultimately, Lutnick envisions Bitcoin’s trajectory intertwined with American enterprise. He suggests that fostering innovation in areas like crypto mining could provide broader economic benefits, creating opportunities within the digital asset space and beyond.