Since taking office, U.S. President Donald Trump has taken several steps to support the growth of the cryptocurrency market. His administration has embraced a pro-crypto stance, and part of that effort includes appointing leaders who are supportive of digital assets to key government positions.
One of the most talked-about appointments is Howard William Lutnick as the new U.S. Secretary of Commerce. While many see him as a strong choice, the move has also sparked controversy. Well-known investor Bill Ackman has accused Lutnick of having a conflict of interest – an allegation that’s now drawing serious attention and debate.
Here’s what you should know.
At the same time, President Trump has launched a bold new tariff policy targeting what he calls the “Dirty 15”—countries he claims have hurt the U.S. economy with unfair trade barriers and economic policies.
The global reaction has been immediate and sharp. Major markets have taken a hit in the last 24 hours:
Even gold, a safe-haven asset during uncertainty, fell from $3,131.027 to $3,037.467 between April 3 and 4.
The cryptocurrency market has also been hit hard. In the past day alone, the market dropped by 11.2%.
While crypto is often seen as an alternative during times of economic instability, the current volatility is keeping traders cautious.
Amid this economic turmoil, Bill Ackman’s accusations have added more tension. He claims that Secretary Lutnick’s investment firm holds large positions in long-term government bonds—investments that tend to rise in value when the economy slows down.
Recent reports show bond prices are indeed climbing, suggesting that many investors see a slowdown coming. This raises serious questions: could Lutnick be gaining financially from an economy he’s supposed to be helping?
As Secretary of Commerce, Lutnick’s role is to support and strengthen the U.S. economy. But if his investments do better when the economy gets worse, Ackman argues this could create a dangerous conflict between personal profit and public duty.
He also warns that this situation could weaken President Trump’s position in key international negotiations—especially when it comes to trade and tariffs.
The growing controversy and economic instability could further shake investor confidence across the board. If trust in traditional institutions continues to fall, some may turn to cryptocurrencies as a decentralized alternative.
Still, short-term uncertainty is likely to keep both traditional and crypto markets under pressure. For any real recovery—especially in the crypto space—clear regulations and trusted leadership will be essential.
When politics, profits, and policy collide, even the most stable assets can lose their footing, don’t you think?
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