President-elect Donald Trump’s nomination of Fox & Friends Weekend host and former military officer Pete Hegseth as Secretary of Defense has drawn backlash from across the political spectrum.
Known for his strong support of Bitcoin and the cryptocurrency industry, Hegseth’s appointment marks a unique combination of advocacy and digital asset advocacy at the highest levels of government.
A Bitcoin enthusiast and outspoken crypto advocate, Hegseth has been outspoken about his investments in BTC.
Following Coinbase’s initial public offering in April 2021, he noted Bitcoin’s resilience, describing the crypto space as “the tip of the iceberg” and praising Bitcoin’s limited supply as “strong” in an era of increased money printing. Just this week, Hegseth celebrated Trump’s election victory and attributed Bitcoin’s surge past $80,000 to Republicans’ pro-crypto stance.
“Look at Trump, he’s making Bitcoin great again,” Hegseth told Fox Business in an interview, adding that Trump’s pro-deregulation stance has energized crypto markets.
Trump announced Hegseth's nomination in a statement Tuesday, saying, “Pete has spent his entire life as a warrior for soldiers and country. With Pete at the helm, America's enemies will take notice, our military will be great again, and America will never back down.”
Despite Trump’s support, Hegseth’s nomination faces opposition from Senate Democrats, particularly Senator Elizabeth Warren, an outspoken crypto critic who recently defeated pro-crypto candidate John Deaton to secure a fourth term. Warren, who chairs the Senate military personnel panel, has expressed concern about Hegseth’s lack of experience in senior defense leadership.
*This is not investment advice.