Key Takeaways
- Scott Bessent, Trump's leading Treasury candidate, supports Bitcoin.
- Bessent sees Bitcoin as crucial for attracting young investors.
- Trump has softened his past anti-Bitcoin stance, now favoring crypto.
Scott Bessent, the current frontrunner for U.S. Treasury Secretary under President-elect Donald Trump, has drawn attention with his supportive stance on Bitcoin and its role in the U.S. economy.
Bessent, founder of Key Square Group and former chief investor at Soros Fund Management, is “very pro-crypto,” according to journalist Eleanor Terrett, who highlighted Bessent’s commitment to financial freedom and his enthusiasm for Bitcoin’s potential.
Bessent has reportedly emphasized that Bitcoin’s appeal to younger investors can cultivate a “market culture” in the U.S.
He remarked:
One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before.
He noted how this inclusivity is essential to a capitalist financial system.
Cabinet
Trump is expected to appoint cabinet members shortly before his January 20 White House return, and Bessent’s main competition for the Treasury role is fellow investor John Paulson.
Unlike Bessent, Paulson has been a vocal critic of Bitcoin, dismissing its value in 2021 due to volatility and lack of intrinsic value.
Despite previously criticizing Bitcoin himself, Trump has since shifted his stance, referring to crypto as “the future” in his recent campaign.
Trump will also be appointing other key officials, with the SEC chair position among the most watched.
