President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund manager and cryptocurrency advocate, to be Treasury Secretary, multiple sources reported Friday evening.
Bessent, founder of Key Square Group, was a key economic adviser to Trump's campaign. He is expected to play a key role in shaping the new administration's economic policies, including Trump's ambitious plan to create a Strategic Reserve.
Biography and financial career
Born in 1962 in Conway, South Carolina, Bessent graduated from Yale University in 1984. He began his financial career at Brown Brothers Harriman and later joined Kynikos Associates. In 1991, Bessent became a partner at Soros Fund Management, where he participated in the fund's famous bet on the collapse of the British pound.
After leaving Soros Fund Management in 2000, he founded a $1 billion hedge fund and ran it until 2005. From 2011 to 2015, Bessent returned to Soros Fund Management as Chief Investment Officer before founding Key Square Group, a global macro investment firm.
Pro-Crypto Viewpoint
Scott Bessent is a strong proponent of cryptocurrencies as the future of finance. He has expressed optimism about the ability of digital assets to promote financial freedom and innovation. Bessent’s views are in line with the Trump administration’s approach to integrating cryptocurrencies into the broader economic framework.
Bessent has not limited his support to one party. He previously hosted a fundraiser for Vice President Al Gore’s 2000 presidential campaign. He recently contributed more than $2 million and provided economic policy guidance to the Trump campaign.
Expectations for the position of Minister of Finance
If confirmed by the Senate, Scott Bessent will be responsible for implementing the Trump administration’s economic policies, including tax reform and developing policies related to cryptocurrencies. His extensive experience in finance and investment is expected to shape the Treasury Department’s approach to emerging financial technologies.
Initial reactions on social media platform X (formerly Twitter) were largely positive. Many praised Mr. Bessent’s experience and financial prowess, while others noted that he was the first openly gay person to be appointed to Trump’s cabinet.