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 of 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 could be pro-bitcoin
The report, titled “Trump's Top Fundraiser Lines Up to Be Treasury Secretary,” indicates that Bessent has been actively seeking candidates to serve as his deputies. As Trump's key economic adviser, Bessent is widely considered a leading contender for the Treasury job. With a distinguished career as a hedge fund investor and former Yale University professor, 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 himself with the president-elect's economic philosophy, skeptical of regulations and international trade.
In particular, Bessent has become a strong supporter of bitcoin and the crypto industry in general. In a June interview, he x.com/matthew_pines/status/1854292771378512216″ target=”_blank” rel=”noopener nofollow”>voiced enthusiasm for the intersection of crypto and Republican values. “I've been excited by the president's embrace of cryptocurrency and I think it fits very well with the Republican Party, cryptocurrency is about freedom in the crypto economy and it's here to stay,” he said.
Bessent also commented on the Democratic Party's stance towards cryptocurrencies, suggesting that they are distancing themselves due to the fallout from Sam Bankman-Fried's alleged misconduct and his family's donations. Bessent criticized his willingness to “take over the entire industry because of the bad behavior of one actor.”
Furthermore, he made a clear statement in favor of bitcoin: “I think everything is on the table with bitcoin.” Highlighting bitcoin's potential to attract a new generation of investors, Bessent said: “One of the most interesting things about bitcoin is that it attracts young people and those who have not participated in the markets before. Cultivating a market culture in America, where people believe in a system that works for them, is the centerpiece of capitalism.”
Bessent's potential appointment can be seen as pivotal to the potential 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 today, Trump could initiate this measure 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) x.com/MacroScope17/status/1854477025311965273″ target=”_blank” rel=”noopener nofollow”>highlighted the enormous importance of the latest events via x: “In the months before the election, I said that btc was not pricing in a Trump victory. I think this remains largely true, especially when it comes to potential policy outcomes that would go beyond the strategic national stockpile. There are speculations about this and they will only get stronger. Asset managers (especially aggressive traders and hedge funds) should be very focused on watching this play out. Make careers for those who do it well.”
At the time of publication, btc was trading at $74,908.
Featured image from YouTube, chart from TradingView.com
