Trump Reportedly Plans to Name Pro-Crypto Hedge Fund Manager Scott Bessent as Treasury Secretary

Should the Senate approve him, the individual who will sign U.S. banknotes in the future will be an advocate for the digital currency infrastructure designed to supersede the traditional financial system.

Bessent currently heads up Key Square Group, a company specializing in macro investments. Previously, he was one of George Soros’ key team members approximately three decades ago. As The Wall Street Journal puts it, he played a significant role in the success of Soros Fund Management’s notable investment decision – wagering that the British pound would fall dramatically, resulting in over $1 billion in profit.

Bitcoin (BTC) and crypto as a whole are now in his sights.

In a conversation with Fox Business in July, he expressed enthusiasm over Trump’s support for cryptocurrency, stating that it aligns nicely with the core values of the Republican Party. He emphasized that crypto embodies the idea of freedom and will continue to be a significant part of our economy. Furthermore, he pointed out that crypto is attracting a new generation of investors who were previously uninvolved in financial markets.

Market traders at Polymarket believed he was a front-runner candidate. At one time, Howard Lutnick, CEO of Cantor Fitzgerald, was also considered a frontrunner. However, he was eventually chosen as Commerce Secretary instead. Besides his role in politics, Lutnick has also delved into digital assets, assisting the stablecoin issuer Tether in managing its substantial U.S. Treasury holdings that back the USDT stablecoin since 2021.