Billionaire hedge fund manager Scott Bessent is reportedly positioning himself as the leading candidate for Treasury Secretary under Donald Trump’s administration. Matthew Pines, director at SentinelOne and National Security Fellow at the Bitcoin Policy Institute, shared a Financial Times article about X, highlighting Bessent’s ambitions.
Trump’s Treasury Secretary Might Be Pro-Bitcoin
The report, titled “Top Trump Fundraiser Lines Himself Up for Treasury Secretary,” indicates that Bessent has been actively recruiting candidates to serve as his deputies. As a key economic adviser to Trump, Bessent is widely considered one of the leading candidates for the Treasury Department position. With a storied career as a hedge fund investor and former lecturer at Yale University, he has built a close bond 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, in line with the president-elect’s economic philosophy, which is skeptical of regulation and international trade.
Notably, Bessent has emerged as a strong advocate for Bitcoin and the broader crypto industry. In an interview from June, he said expressed enthusiasm about the intersection of crypto and Republican values. “I’m excited about the president’s embrace of crypto and I think it’s a great fit for the Republican Party. Crypto is about freedom in the crypto economy that is here to stay,” he said.
Bessent also commented on the Democratic Party’s stance on 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 entire industry because of the bad behavior of one actor.”
Moreover, he made a clear pro-Bitcoin statement: “I think everything is on the table with Bitcoin.” Highlighting Bitcoin’s potential to attract a new generation of investors, Bessent stated: “One of the most exciting things about Bitcoin is that it attracts young people and people who haven’t participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the center of capitalism.”
Bessent’s possible appointment could be seen as crucial 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. If reported Earlier today, Trump could initiate this move within his first 100 days in office to prevent other countries from gaining a competitive advantage, BTC Inc. CEO David Bailey said.
Renowned crypto analyst MacroScope (@MacroScope17) marked the enormous significance of the latest developments via I think this is still largely true, especially when it comes to potential policy outcomes beyond the current situation strategic national reservee. There is speculation about this, and it will become louder and louder. Asset managers – especially aggressive traders and hedge funds – need to be focused on how this plays out. Making a career for those who do it well.”
At the time of writing, BTC was trading at $74,908.
Featured image from YouTube, chart from TradingView.com