- Scott Bessent, noted crypto supporter and founder of asset management firm Key Square Management, has emerged as the leading contender to fill the role of Treasury Secretary in Trump’s second administration.
- Bessent started his career working for George Soros’, Soros Fund Management, before leaving to start his own asset management firm.
- Bessent’s on the record as an outspoken crypto fan, and especially Bitcoin, raising hopes we’ll see many of Trump’s pro-crypto policies implemented should he be appointed.
It looks like Scott Bessent, Wall Street veteran and founder of asset management firm Key Square Management, is Trump’s preferred choice to fill the role of Treasury Secretary. Following John Paulson’s decision to pull out of contention, reports have emerged from numerous news outlets, including Bloomberg and Fox Business, indicating that Basset is now the leading contender.
Bessent as Treasury Secretary could be a boon for crypto — he’s on the record as saying he supports crypto, especially Bitcoin, and earlier this year said that “the crypto economy is here to stay.” These positive noises from Bessent suggest if he does get appointed we may be more likely to see things like the US establish a strategic Bitcoin reserve and introduce tax breaks for crypto.
Related: Trump Made Big Promises for Crypto, Here’s What’s Next According to Experts
Who Is Scott Bessent?
Scott Bessent made his name on Wall Street in the 1990s working for well known businessman and investor (and possible lizard person), George Soros at his firm Soros Fund Management.
Bessent eventually rose to become the firm’s head of European allocation before parting ways with Soros in 2000 to found his own asset management firm, Key Square Management. In 2011 Bessent returned to Soros Fund Management as the firm’s Chief Investment Officer. Since 2015 Bessent has been back running the show at Key Square.
Perhaps anticipating concerns from some corners of Trump’s supporter base, Bessent has sought to distance himself from Soros, telling the Wall Street Journal he hasn’t spoken to the purported reptilian illuminati kingpin in “many years”.
Bessent has been an enthusiastic supporter of Trump throughout the long election season, donating about US$3 million to Trump and related causes and describing Trump as “very sophisticated on economic policy” compared to Kamala Harris.
In typically grandiose fashion, Trump has described Bessent as “one of the most brilliant men on Wall Street” who is “respected by everybody”. Trump also says he’s a “nice-looking guy”…so yeh, there’s that.
Over on Polymarket Bessent’s odds currently sit at 88%, with his closest rival, Howard Lutnick, on just 5%.
Crypto Economy Is Here To Stay, Says Bessent
Ok, so the guy has that understated beauty we all expect from a Treasury Secretary — big tick for that — and he’s a Wall Street type who may or may not be a junior member of the Illuminati, and he’s at least reptile-curious, but where does he stand on crypto?
Happily for the HODLers out there, Bessent is positive on crypto. Elaneor Terrett, Fox Business’ lead crypto reporter described him on X / Twitter earlier today as “very pro-crypto, particularly pro-Bitcoin”.
In an interview from July 2024 — in response to initial rumours of Trump’s support for a Bitcoin strategic reserve — he said he was excited by Trump’s enthusiasm for crypto and doesn’t think crypto is going away:
I’ve been excited about the president’s embrace of crypto and I think it fits very well with the Republican party — the ethos — crypto’s about freedom and the crypto economy is here to stay.
Scott Bessent, Contender for Treasury SecretaryBessent also said at the time: “I think everything’s on the table with Bitcoin.” This suggests that all of Trump’s crypto policies — like establishing a strategic Bitcoin reserve and introducing tax breaks for crypto — are possible with Bessent’s appointment.
He said Bitcoin gives younger investors who lost confidence in markets and capitalism in the wake of the 2008 financial crisis, something to invest in that might feasibly work for them:
To me one of the most exciting things about Bitcoin is for a generation of investors who maybe post the great financial crisis had been looking for investment opportunities — or maybe they’d soured on markets — crypto is bringing in young people, it’s bringing in people who haven’t participated in markets and having a market culture in the US and people believing that markets work for them is a centrepiece of capitalism.
Scott Bessent, Contender for Treasury SecretaryRelated: Senator Lummis Confirms Bitcoin Reserve Following Trump Win
In Bessent, Trump might have found a Treasury Secretary who fully embraces his vision of making the US the “crypto capital of the planet.” It’ll be interesting to see where this goes in 2025 — it’s looking like it could be a wild time to be a HODLer.
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