Howard Lutnick, U.S. Secretary of Commerce, asserts that Bitcoin is now America’s new gold, encouraged by the Trump administration’s support. He underlines Bitcoin’s value stemming from its capped supply and highlights new initiatives like the ‘Investment Accelerator’ to promote investment and Bitcoin mining. Lutnick believes that fostering a business-friendly environment for Bitcoin could also revive the economy, helping those left behind.
Howard Lutnick, the U.S. Secretary of Commerce, recently shared his thoughts on Bitcoin’s burgeoning role in the American economy, claiming it is akin to gold in value. In a conversation with Bitcoin Magazine, Lutnick contrasted the current administration’s approach with that of former President Biden’s, asserting that negative views towards cryptocurrency are in the past. “Now you have that sort of in the rearview mirror, and it’ll never come back,” he stated.
Lutnick’s support for Bitcoin dates back to 2017, and he believes its capped supply of 21 million coins underpins its value. Reflecting on his own journey, he noted how he transitioned from learning about blockchain to heavily investing in Bitcoin by 2020. His role now involves influencing policies that could catapult Bitcoin into mainstream acceptance under Trump’s administration.
In collaboration with David Sacks, another Bitcoin proponent, Lutnick has been instrumental in establishing a Bitcoin Strategic Reserve, fulfilling a commitment made by Trump. He credited the President’s open communication with the media as a vital factor in promoting swift progress on Bitcoin-related initiatives, marking a positive shift in regulatory outlook for the cryptocurrency.
A key focus of Lutnick’s efforts is the new ‘Investment Accelerator’ programme at the Commerce Department, aimed at facilitating multi-billion dollar investments through regulatory navigation. He highlighted Bitcoin mining as a priority area, explaining that miners will soon have the capability to build private power plants alongside their operations, potentially harnessing resources such as hydroelectric power and flare gas.
Lutnick confidently remarked, “You’re going to see miners putting data centers right on top of gas fields,” indicating a promising expansion of Bitcoin mining across the U.S. Moreover, he addressed concerns regarding the potential centralisation of mining power, insisting that America remains unrivalled in fostering a conducive business environment.
Throughout his discussion, Lutnick envisioned Bitcoin as a catalyst for American entrepreneurship. He argued that a supportive landscape for Bitcoin mining and innovation could uplift not just the crypto community, but also those feeling neglected in the broader economic fabric.
