Billionaire hedge fund manager Scott Bessent has reportedly put himself in the position of Treasury Secretary under Donald Trump’s administration. Matthew Pines, Director of 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 Prepares for Treasury Secretary,” shows that Bessent has been busy recruiting candidates to serve as his deputies. As a key economic adviser to Trump, Bessent is widely considered a top contender for the Treasury post. Through his illustrious career as a hedge fund investor and Yale University lecturer, he has developed a close relationship with the former president.
Bessent is known for his support of economic policies reminiscent of the pre-Trump Republican Party. However, he also praised Trump’s use of tariffs as a strategic negotiating tool, which is consistent with the president’s economic philosophy that questions regulations and international trade.
Notably, Bessent has emerged as a strong advocate for Bitcoin and the broader crypto sector. In an interview from June, he expressed enthusiasm about the intersection of crypto and Republican values. “I was happy to welcome a crypto president and I think it fits well with the Republican Party, crypto is about freedom in the crypto economy and it’s 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 allegations of misconduct by Sam Bankman-Fried and his family’s donations. Bessent criticized their willingness to “have an entire industry because of the bad behavior of one actor.”
In addition, he made a clear pro-Bitcoin statement: “I think everything is on the table with Bitcoin.” Highlighting Bitcoin’s ability to engage a new generation of investors, Bessent said: “One of the most exciting things about Bitcoin is that it brings new people and those who have not participated in the market before. Cultivating a market culture in the US, where people believe in a system that works for them, is at the heart of capitalism.”
The possible appointment of Bessent can be seen as important for the possible establishment of a Bitcoin reserve as proposed by Trump during the Bitcoin conference 2024-a decision in which the Secretary of the Treasury will play an important role. As reported earlier today, Trump may 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.
The famous crypto analyst MacroScope (@MacroScope17) highlighted the great importance of recent developments with X: “In the months before the election, I said that BTC was not charging for Trump’s win. I think this continues to be true, especially in terms of policy implications that may extend beyond the scope of national strategy. Speculation is swirling about this, and it will increase. Asset managers—especially aggressive traders and hedge funds—should focus on watching how this plays out. It’s for those who get the job right.”
At press time, BTC traded at $74,908.
Featured image from YouTube, chart from TradingView.com
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