Pete Hegseth, who said Trump is 'making bitcoin great again,' nominated for Secretary of Defense

Bitcoin advocate, army veteran and Fox & Friends Weekend co-host Pete Hegseth has been nominated for Secretary of Defense by President-elect Donald Trump.

Hegseth has publicly expressed support for the crypto industry in recent years, discussing his personal investment in cryptocurrencies and highlighting bitcoin's value in its lack of government control.

Speaking after crypto exchange Coinbase’s IPO in April 2021, Hegseth described it as the "tip of the iceberg" for cryptocurrency. "Crypto has arrived. Bitcoin is not a person, it's not a company, it's not a place. It's tougher to stop than you would think. And that finite supply in a world of printing money, is very very powerful," he said at the time, as noted by VanEck head of digital assets research Matthew Sigel.

“Look at Trump, making bitcoin great again,” Hegseth said on Monday in an interview with Fox Business following the Republican’s U.S. presidential election victory as bitcoin surged above $80,000 for the first time. “All it took was signaling to that market that they weren’t going to be overregulated. Trump embraced them.”

Asked if he intended to sell any of his bitcoin holdings amid the price spike, Hegseth said, “I did sell some pretty high … but I’m holding a bunch as well so I feel good.”

“I am honored to announce that I have nominated Pete Hegseth to serve in my Cabinet as The Secretary of Defense," the President-elect said in a Trump-Vance transition statement on Tuesday. “Pete has spent his entire life as a Warrior for the Troops, and for the Country. Pete is tough, smart and a true believer in America First. With Pete at the helm, America’s enemies are on notice - Our Military will be Great Again, and America will Never Back Down.” 

Hegseth is an army veteran of Iraq, Afghanistan and Guantanamo Bay, earning two Bronze Stars and a Combat Infantryman’s Badge, according to his website . He is also the author of the New York Times bestseller “Battle for the American Mind.”

However, most high-level nominees for the U.S. federal government, such as the Secretary of Defense, require Senate confirmation to officially assume their roles.

The Block earlier reported Trump had chosen Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead his new Department of Government Efficiency (D.O.G.E) amid a surge in the price of the Musk-supported namesake memecoin.

Anti-crypto Senator Elizabeth Warren criticizes Hegseth’s nomination

Not everyone is happy about Hegseth’s nomination, with anti-crypto Elizabeth Warren — who recently won a fourth term in the Senate after defeating the crypto-friendly Republican candidate John Deaton — one of the first to criticize his potential appointment.

“A Fox & Friends Weekend co-host is not qualified to be the Secretary of Defense,” Warren said in a post on X. “I lead the Senate military personnel panel. All three of my brothers served in uniform. I respect every one of our servicemembers. Donald Trump’s pick will make us less safe and must be rejected.” She also criticized Trump’s Department of Government Efficiency plans.

However, others disagreed with Warren’s stance, pointing to Hegseth’s more than 15-year military record in qualifying him for the role.