President-elect Donald Trump has nominated Pete Hegseth, a Fox & Friends Weekend co-host, army veteran, and outspoken Bitcoin advocate, for the position of Secretary of Defense. The announcement, made Tuesday in a Trump-Vance transition statement, has sparked both praise and controversy.
Hegseth has been a vocal supporter of the cryptocurrency industry, publicly discussing his personal investments and emphasizing Bitcoin’s value proposition as an asset free from government control. Following Coinbase’s IPO in 2021, he described it as the “tip of the iceberg” for the crypto market, highlighting Bitcoin’s finite supply as a key strength in a world of inflationary monetary policies.
In a Fox Business interview after Trump’s election victory, as Bitcoin surged past $80,000, Hegseth remarked, “Look at Trump, making Bitcoin great again,” attributing the price surge to Trump’s perceived positive stance on cryptocurrency regulation. He also confirmed holding a significant amount of Bitcoin, despite having sold some at higher prices.
Trump’s statement praised Hegseth’s military background and commitment to an “America First” agenda. “With Pete at the helm, America’s enemies are on notice – Our Military will be Great Again, and America will Never Back Down,” the statement read. Hegseth served in Iraq, Afghanistan, and Guantanamo Bay, earning two Bronze Stars and a Combat Infantryman’s Badge.
However, the nomination has drawn criticism, particularly from Senator Elizabeth Warren, a prominent cryptocurrency skeptic. “A Fox & Friends Weekend co-host is not qualified to be the Secretary of Defense,” Warren posted on X (formerly Twitter). She emphasized her role leading the Senate military personnel panel and her family’s military background, arguing that Trump’s choice would “make us less safe and must be rejected.” Warren also criticized Trump’s Department of Government Efficiency plans.
Hegseth’s nomination, like most high-level federal government appointments, requires Senate confirmation. Given the divided political climate and Warren’s strong opposition, the confirmation process is likely to be contentious.
