Billionaire hedge fund manager Scott Bessent is reportedly positioning himself as the leading candidate for Treasury Secretary under a Donald Trump administration. Matthew Pines, Director at SentinelOne and National Security Fellow at the Bitcoin Policy Institute, shared an article from the Financial Times on X, highlighting Bessent’s ambitions.
Trump’s Treasury Secretary Could Be Pro-Bitcoin
The report, titled “Top Trump Fundraiser Lines Himself Up for Treasury Secretary,” indicates that Bessent has been actively canvassing candidates to serve as his deputies. As a key economic adviser to Trump, Bessent is widely regarded as a top contender for the Treasury position. With a storied career as a hedge fund investor and former Yale University lecturer, he has cultivated a close relationship with the former president.
Bessent is known for his support of laissez-faire economic policies reminiscent of the pre-Trump Republican Party. However, he has also praised Trump’s use of tariffs as a strategic negotiating tool, aligning with the president-elect’s economic philosophy that is skeptical of regulations and international trade.
Notably, Bessent has emerged as a strong advocate for Bitcoin and the broader crypto industry. In an interview from June, he expressed enthusiasm about the intersection of crypto and Republican values. “I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom in the crypto economy is here to stay,” he said.
Bessent also commented on the Democratic Party’s stance toward cryptocurrency, suggesting they are distancing themselves due to the fallout from Sam Bankman-Fried‘s alleged misconduct and his family’s donations. Bessent criticized their willingness “to take on the whole industry because of the bad behavior of one actor.”
Moreover, he made a clear statement pro-Bitcoin: “I think everything is on the table with Bitcoin.” Highlighting the potential of Bitcoin to engage a new generation of investors, Bessent stated: “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
The potential appointment of Bessent can be seen as pivotal for the possible establishment of a strategic Bitcoin reserve as proposed by Trump during the Bitcoin 2024 conference—a decision in which the Treasury Secretary would play a crucial role. As reported earlier today, Trump could initiate this move within his first 100 days in office to prevent other nations from gaining a competitive advantage according to BTC Inc. CEO David Bailey.
Renowned crypto analyst MacroScope (@MacroScope17) highlighted the massive significance of the latest developments via X: “In the months before the election, I said BTC wasn’t pricing in a Trump win. I think this continues to be largely true, especially regarding potential policy outcomes that would go beyond the strategic national reserve. Speculation is going around about this, and it will get louder. Asset managers—especially aggressive traders and hedge funds—should be laser-focused on watching how this develops. Career-making for those who get it right.”
At press time, BTC traded at $74,908.
Featured image from YouTube, chart from TradingView.com
Source: https://bitcoinist.com/bitcoin-advocate-top-pick-treasury-secretary-trump/