Emily Walker
Scott Bessent, a billionaire hedge fund manager, is emerging as a frontrunner for the Treasury Secretary position in a potential Donald Trump administration. Matthew Pines, a director at SentinelOne and a fellow at the Bitcoin Policy Institute, highlighted this prospect by sharing a related Financial Times article on social media.
Bessent: A Possible Pro-Bitcoin Treasury Secretary
According to the article titled “Top Trump Fundraiser Lines Himself Up for Treasury Secretary,” Bessent has been actively seeking candidates to potentially join him in government. As an economic advisor to Trump, Bessent is viewed as a strong candidate for the Treasury role. His background as a hedge fund investor and a former lecturer at Yale has allowed him to develop a close connection with Trump.
Bessent’s economic philosophies are rooted in deregulation, reminiscent of pre-Trump Republican views. He has, however, supported Trump’s tariff strategies, reflecting a shared skepticism toward regulations and global trade.
Importantly, Bessent is a vocal supporter of Bitcoin and the cryptocurrency sector. In a recent interview, he shared his excitement concerning the alignment of crypto with Republican principles, noting, “Crypto embodies freedom, and the crypto economy is here to stay.”
He also addressed the Democratic Party’s negative approach to cryptocurrencies, distancing themselves following the scandal involving Sam Bankman-Fried and his family’s contributions. Bessent criticized them for potentially harming the entire industry due to the misconduct of an individual.
In a clear endorsement of Bitcoin, he stated, “Everything is on the table with Bitcoin,” emphasizing its capacity to attract younger investors and those new to the financial market. He remarked, “Inspiring a market culture in the US, where individuals can trust a system that serves them, is what capitalism is all about.”
Should Bessent be appointed, it could be crucial for creating a strategic Bitcoin reserve, a proposal Trumptouted during the Bitcoin 2024 conference. This initiative would significantly involve the Treasury Secretary. Reports suggest that Trump may act on this within his first 100 days to maintain a competitive edge globally, as mentioned by BTC Inc. CEO, David Bailey.
Crypto analyst MacroScope expressed the importance of these recent developments on social media, stating, “In the lead-up to the election, I mentioned that Bitcoin prices weren’t reflecting a Trump victory. This mindset still holds, especially with potential policies extending beyond a strategic national reserve. Speculation about this is intensifying, which asset managers—particularly hedge funds—should closely monitor for significant opportunities.”
As of now, Bitcoin is trading at $74,908.