Originally published on: November 12, 2024
Scott Bessent, a frontrunner for the United States Treasury Secretary position in President-elect Donald Trump’s upcoming administration, has shown a strong support for cryptocurrencies such as Bitcoin.
As the founder of Key Square Group and former investing chief at Soros Fund Management, Bessent is considered “very pro-crypto” according to Fox Business journalist Eleanor Terrettsaidin. In a recent post on Nov. 11, Terrett highlighted Bessent’s positive stance on digital currencies, particularly Bitcoin.
Bessent’s enthusiasm for cryptocurrencies aligns with Trump’s vision to position the US as the global “crypto capital.” Recently, Bessent expressed his admiration for the disruptive potential of Bitcoin, emphasizing its power to attract a new generation of investors to the financial market.
In the process of building his administration following the US presidential election, Trump met with Bessent and fellow investor John Paulson on Nov. 8 as part of the search for suitable cabinet members. Reuters reported that Bessent and Paulson are currently the top contenders for the prestigious role of US Treasury Secretary.
While both Bessent and Paulson have been loyal supporters of Trump’s campaign, they have differing views on cryptocurrencies. Despite Paulson’s past skepticism about digital assets, Trump has shown a resilient belief in the future of crypto, despite his previous criticisms.
In addition to selecting the Treasury Secretary, Trump faces the enormous task of appointing key officials to federal financial agencies like the US Securities and Exchange Commission. Potential candidates include well-known figures like Daniel Gallagher, Hester Peirce, and Mark Uyeda.
The surge of interest in cryptocurrency sparked by Trump’s election win and China’s looming CBDC deadline has created lucrative opportunities for Asian traders, showcasing the dynamic nature of the market.
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