Trump Nominates Bitcoin Advocate Scott Bessent for Treasury Secretary

Donald Trump has nominated Scott Bessent, founder of hedge fund Key Square Capital Management and a vocal advocate for Bitcoin, for the role of Treasury Secretary.

Bessent’s appointment could have significant implications for U.S. economic policy, particularly concerning the future of digital assets. His pro-crypto stance includes supporting the idea of establishing a national Bitcoin reserve, a topic Trump himself mentioned earlier this year during the Bitcoin 2024 Conference.

Trump highlighted Bessent’s commitment to the “America First” agenda, stating that his leadership would help strengthen the nation’s economic position while ensuring the U.S. dollar remains the world’s dominant reserve currency. The billionaire investor, who previously worked at Soros Fund Management, played a key role in successful currency trades against the British pound and Japanese yen. If confirmed by the Senate, Bessent would manage key responsibilities, including overseeing national tax policies, debt management, and financial regulation.

Bessent’s policies have long advocated for deregulation, tax reductions, and addressing the country’s growing debt. He has been vocal about the need for fiscal discipline, criticizing what he terms as reckless spending over the past few years. As Treasury Secretary, he would likely prioritize measures that align with his vision of a strong dollar and limited government intervention in the markets.

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The nomination also points to potential shifts in U.S. policy regarding cryptocurrencies. Bessent has been an outspoken supporter of Bitcoin and believes the crypto economy is a lasting trend that aligns with traditional Republican values. His optimism about Bitcoin lies in its ability to attract younger, more diverse investors into the financial markets, fostering a culture of financial participation.

This move comes on the heels of Trump’s selection of Howard Lutnick, a known Bitcoin advocate, for Commerce Secretary. According to market predictions, there was a high likelihood—88%—that Bessent would be chosen for the Treasury role, signaling confidence in his appointment within the digital asset community.

Kosta Gushterov