While Donald Trump defines his economic team in the selection of the Secretary of the Treasury, the pro-crypto positions of Scott Bessent and the more skeptical opinions of John Paulson raise debates about the future of cryptocurrencies under the administration of the president-elect.
Let’s see all the details in this article.
The choice of the US Treasury Secretary: Will Trump keep his promises on crypto?
The choice of the Secretary of the Treasury by the president-elect Donald Trump is one of the most discussed topics in the economic and technological world, especially for its potential implications on the cryptocurrency sector.
Two prominent names, Scott Bessent and John Paulson, emerge as the main candidates for this crucial role.
While Bessent seems to have an open and favorable position towards cryptocurrencies, Paulson has expressed much more skeptical opinions, creating contrasting expectations.
Scott Bessent, founder of Key Square Group and well-known investor, is considered one of the main candidates for the role of Secretary of the Treasury.
Former head of investments at Soros Fund Management, Bessent has shown a decidedly pro-crypto attitude.
According to Fox Business journalist Eleanor Terrett, Bessent recently stated that the cryptocurrency economy is here to stay, aligning with Trump’s ambitious vision of making the United States the world capital of cryptocurrencies.
The words of Bessent are indeed significant:
“Cryptocurrencies represent a symbol of economic freedom, and their growth reflects the interest in a system that works for everyone, especially for the new generations.”
Bessent highlighted the role of Bitcoin in attracting young people and market newcomers, emphasizing how these technologies can foster an investment culture that benefits the entire capitalist system.
This vision aligns with Trump’s message, who during his campaign promoted the idea that cryptocurrencies are an essential part of the American economic future.
Trump has indeed promised to implement policies that facilitate the adoption and regulation of cryptocurrencies in order to attract investments and stimulate innovation.
The return of Trump: a pro-crypto president?
On the other hand, John Paulson, known for his role as an economic advisor during Trump’s presidential campaign in 2016, offers a more traditional and skeptical perspective on the crypto world.
Paulson has long criticized Bitcoin and other cryptocurrencies, arguing that they lack intrinsic value. In 2021, he labeled cryptocurrencies as extremely volatile and warned against speculative investments in this field.
Despite his opinions contrasting with those of Bessent, Paulson enjoys the trust of Trump, who in the past has mentioned him as a potential candidate for the Treasury.
The indecision between these two candidates reflects a broader debate in American society: to embrace or maintain caution towards cryptocurrencies?
During his first term, Trump was critical of cryptocurrencies, describing Bitcoin as a “scam” and stating that the American dollar must remain the only dominant currency.
However, the tone has changed radically during the 2024 presidential campaign, with Trump now presenting himself as a supporter of cryptocurrencies, proclaiming that “cryptocurrencies are the future”.
This apparent conversion could be strategic, aimed at capturing the attention of a young and technologically aware electoral base.
With the growing popularity of cryptocurrencies and the interest of financial institutions, a pro-crypto position could potentially favor economic development and technological innovation in the United States.
An uncertain but promising future
In addition to the selection of the Secretary of the Treasury, Trump must appoint new officials for other key agencies, such as the Securities and Exchange Commission (SEC).
The names in the running for these positions, including Daniel Gallagher, Hester Peirce, and Mark Uyeda, suggest an administration oriented towards more favorable regulation for the crypto sector.
The impact of Trump’s policy on cryptocurrencies will depend on the key appointments and the approach that his administration will adopt towards this sector.
If Bessent were to be chosen, the United States could witness a surge in initiatives in favor of cryptocurrencies, attracting capital and entrepreneurs.
On the contrary, a nomination like Paulson could lead to a more conservative approach, keeping vigilance high on the bull crypto market.
