Billionaire hedge fund supervisor Scott Bessent is reportedly positioning himself because the main candidate for Treasury Secretary underneath a Donald Trump administration. Matthew Pines, Director at SentinelOne and Nationwide Safety Fellow on the Bitcoin Coverage Institute, shared an article from the Monetary Occasions on X, highlighting Bessent’s ambitions.
Trump’s Treasury Secretary May Be Professional-Bitcoin
The report, titled “Prime Trump Fundraiser Traces Himself Up for Treasury Secretary,” signifies that Bessent has been actively canvassing candidates to function his deputies. As a key financial adviser to Trump, Bessent is extensively considered a prime contender for the Treasury place. With a storied profession as a hedge fund investor and former Yale College lecturer, he has cultivated a detailed relationship with the previous president.
Bessent is understood for his help of laissez-faire financial insurance policies harking back to the pre-Trump Republican Occasion. Nevertheless, he has additionally praised Trump’s use of tariffs as a strategic negotiating device, aligning with the president-elect’s financial philosophy that’s skeptical of laws and worldwide commerce.
Notably, Bessent has emerged as a powerful advocate for Bitcoin and the broader crypto trade. In an interview from June, he expressed enthusiasm concerning the intersection of crypto and Republican values. “I’ve been excited concerning the president’s embrace of crypto and I believe it matches very properly with the Republican Occasion, crypto is about freedom within the crypto financial system is right here to remain,” he mentioned.
Bessent additionally commented on the Democratic Occasion’s stance towards cryptocurrency, suggesting they’re distancing themselves because of the fallout from Sam Bankman-Fried‘s alleged misconduct and his household’s donations. Bessent criticized their willingness “to tackle the entire trade due to the dangerous conduct of 1 actor.”
Furthermore, he made a transparent assertion pro-Bitcoin: “I believe all the pieces is on the desk with Bitcoin.” Highlighting the potential of Bitcoin to have interaction a brand new era of traders, Bessent said: “One of the crucial thrilling issues about Bitcoin is that it brings in younger folks and those that haven’t participated in markets earlier than. Cultivating a market tradition within the US, the place folks consider in a system that works for them, is the centerpiece of capitalism.”
The potential appointment of Bessent might be seen as pivotal for the attainable institution of a strategic Bitcoin reserve as proposed by Trump through the Bitcoin 2024 convention—a call by which the Treasury Secretary would play an important function. As reported earlier immediately, Trump might provoke this transfer inside his first 100 days in workplace to forestall different nations from gaining a aggressive benefit in line with BTC Inc. CEO David Bailey.
Famend crypto analyst MacroScope (@MacroScope17) highlighted the huge significance of the most recent developments by way of X: “Within the months earlier than the election, I mentioned BTC wasn’t pricing in a Trump win. I believe this continues to be largely true, particularly relating to potential coverage outcomes that will transcend the strategic nationwide reserve. Hypothesis goes round about this, and it’ll get louder. Asset managers—particularly aggressive merchants and hedge funds—needs to be laser-focused on watching how this develops. Profession-making for individuals who get it proper.”
At press time, BTC traded at $74,908.
Featured picture from YouTube, chart from TradingView.com
