Key Takeaways
- Scott Bessent, a Bitcoin advocate, has been nominated as Treasury secretary by Donald Trump.
- Bessent’s nomination may impact US digital asset policy, potentially including a strategic Bitcoin reserve.
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President-elect Donald Trump has picked Scott Bessent, the founder of hedge fund Key Square Capital Management and a Bitcoin advocate, as his nominee for Treasury secretary, which would give him a major say in shaping US economic policy related to digital assets, including the possibility of creating a national Bitcoin stockpile.
“Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the US Dollar as the Reserve Currency of the World,” Trump said in a statement Friday, according to CNN.
The 62-year-old billionaire, who advised Trump on economic policy during the campaign, previously made his mark at Soros Fund Management by leading profitable trades against the British pound and Japanese yen.
If confirmed by Senate, Bessent will oversee the Treasury Department’s broad portfolio including the economic agenda, tax management, debt management, and financial regulation. He faces immediate challenges including a federal debt limit approaching $36 trillion, expiring provisions from Republicans’ 2017 tax cuts, and implementing Trump’s campaign promises.
Bessent has called for deregulation, tax cuts, and “addressing the debt burden,” which he blamed on “four years of reckless spending.” He previously declared that a new Trump administration would support a strong dollar and not seek to devalue it.
The nomination could signal changes in US digital asset policy, including the potential establishment of a strategic Bitcoin reserve – an idea Trump referenced during his Bitcoin 2024 Conference keynote in July.
According to FOX Business’ Eleanor Terrett, Bessent is “very pro-crypto.” His belief is that “the crypto economy is here to stay” and that it aligns well with Republican values.
“I think everything is on the table with Bitcoin,” Bessent said in a statement shared by Terrett. “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
Trump chose Bessent for Treasury after naming Howard Lutnick, known for his support of Bitcoin and stablecoins, as Commerce secretary nominee earlier this week.
Bettors on Polymarket previously predicted Bessent would become Treasury Secretary under Trump with an 88% likelihood.
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