Key Takeaways
- Scott Bessent, a Bitcoin advocate, is Trump's Treasury pick.
- Bessent called Bitcoin a symbol of freedom and economic innovation.
- His nomination highlights Trump's pro-digital asset agenda.
U.S. President-elect Donald Trump has chosen Scott Bessent, a hedge fund manager and Bitcoin proponent, as his nominee for Treasury Secretary.
If confirmed by the Senate, Bessent’s signature will appear on U.S. currency, symbolizing a significant alignment with the crypto industry.
Background
Bessent, head of Key Square Group and a former key figure at George Soros’ investment firm, has recently shifted his focus to Bitcoin and the broader cryptocurrency market.
Known for his role in Soros Fund Management’s legendary $1 billion profit bet against the British pound, Bessent has praised Bitcoin’s ethos and its appeal to younger investors.
Bessent remarked in a Fox Business interview in July:
I have been excited about Trump’s embrace of crypto. Crypto is about freedom, and the crypto economy is here to stay.
Polymarket betting
Polymarket betting previously pegged Bessent as a frontrunner for the position, alongside Cantor Fitzgerald CEO Howard Lutnick, who was ultimately selected as Commerce Secretary.
Lutnick also has ties to Bitcoin, having worked with stablecoin issuer Tether to manage its significant U.S. Treasury holdings.
Bitcoin and Treasury
Bessent’s nomination signals Trump’s continued support for Bitcoin, aligning with his campaign’s pro-crypto stance.
