U.S. President-elect Donald Trump has nominated Scott Bessent, a hedge fund manager and cryptocurrency enthusiast, as a candidate for Secretary of the Treasury. If approved by the Senate, Bessent will be the next to sign U.S. banknotes and will also be a strong supporter of the cryptocurrency ecosystem – a system that is expected to gradually replace traditional financial models.
Scott Bessent (born in 1962) is a prominent investor and founder of Key Square Capital Management, a global macro investment firm. Before founding this company in 2015, he was the Chief Investment Officer (CIO) of Soros Fund Management from 2011 to 2015, where he executed major trades such as profiting from the weakening of the Japanese yen.
Bessent taught economic history at Yale University from 2006 to 2010 and has a degree from there. He is also actively involved in philanthropic activities and holds several important positions in reputable organizations. Currently, cryptocurrency, especially Bitcoin, is his next investment target.
In an interview with Fox Business in July, Bessent expressed excitement about President Trump accepting and supporting crypto. He argued that this interest aligns perfectly with the spirit of the Republican Party: "Cryptocurrency symbolizes freedom, and the cryptocurrency economy will last long," Bessent said. "Cryptocurrency is attracting young people who have never participated in the financial markets."
Before this option was available, traders on Polymarket had bet that Bessent would lead in this race. Although Cantor Fitzgerald CEO Howard Lutnick was also considered a potential candidate, he ultimately was chosen as Secretary of Commerce. Lutnick, who is also involved in the digital asset space, has supported Tether in managing its massive reserves of U.S. government bonds to protect the value of USDT since 2021.
