Trump Nominates a Bitcoin Advocate and Military Veteran as U.S. Defense Secretary
2024-11-14

President-elect Donald Trump has nominated Pete Hegseth, a seasoned military officer, Harvard-educated policy expert, and cryptocurrency enthusiast, as his Secretary of Defense. The announcement came via a Trump-Vance transition statement on Tuesday, marking a significant shift in potential defense leadership.
Hegseth, 44, brings a diverse background spanning military service, veterans’ advocacy, and media influence. A Princeton University politics graduate who later earned his Master of Public Policy from Harvard’s Kennedy School of Government, Hegseth has built a career bridging military expertise with public policy. His military service in the Army National Guard, including deployments to Guantanamo Bay, Iraq, and Afghanistan, earned him two Bronze Stars and a Combat Infantryman Badge.
Before his current role as co-host of Fox & Friends Weekend, Hegseth served as CEO of Concerned Veterans for America (CVA), where he championed reform within the Department of Veterans Affairs. His brief foray into politics included a 2012 run for a U.S. Senate seat in Minnesota, though he ultimately withdrew to endorse another candidate.
The nominee has recently gained attention in cryptocurrency circles for his bullish stance on Bitcoin and digital assets. Following Trump’s election victory and Bitcoin’s surge above $80,000, Hegseth commented on Fox Business: “Look at Trump, making Bitcoin great again. All it took was signaling to that market that they weren’t going to be overregulated. Trump embraced them.” He also disclosed managing his own cryptocurrency portfolio, noting that while he had sold some holdings at recent highs, he maintains significant positions.
Hegseth’s crypto journey hasn’t been without setbacks. In November 2022, he publicly acknowledged substantial losses following the FTX exchange collapse, yet maintained his optimistic outlook on the sector’s future. His perspective on cryptocurrency was notably shaped by Coinbase’s 2021 IPO, which he described as the “tip of the iceberg” for the industry’s potential.
The nomination has drawn mixed reactions from Capitol Hill. Senator Elizabeth Warren, who recently secured her fourth term after defeating crypto-friendly Republican John Deaton, voiced strong opposition. “A Fox & Friends Weekend co-host is not qualified to be the Secretary of Defense,” Warren posted on X, citing her leadership of the Senate military personnel panel and her family’s military service.
Hegseth has established himself as a prolific author, publishing four significant works that reflect his political and social perspectives. His literary portfolio includes “In the Arena: Good Citizens, a Great Republic, and How One Speech Can Reinvigorate America” (2016), “American Crusade: Our Fight to Stay Free” (2020), and “Modern Warriors: Real Stories from Real Heroes” (2020). His most recent work, “Battle for the American Mind: Uprooting a Century of Miseducation” (2022), co-authored with David Goodwin, critiques progressive influences in American education.
The nomination, which requires Senate confirmation, comes alongside other notable appointments, including Elon Musk and Vivek Ramaswamy to lead the proposed Department of Government Efficiency (D.O.G.E), coinciding with a surge in Dogecoin prices.
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