Trump Picks Pro-Crypto Hedge Fund Manager Scott Bessent for Treasury Secretary

“President-elect Donald Trump has nominated Wall Street titan Scott Bessent as Treasury Secretary.”, — write: www.coindesk.com

U.S. President-elect Donald Trump named hedge fund manager Scott Bessent, a cryptocurrency enthusiast, as his pick for Treasury Secretary.

If the Senate confirms him, the next person whose signature adorns U.S. paper currency will be a fan of the digital currency ecosystem set up to replace the conventional financial system.

03:03

Altcoins Skyrocket After SEC Chair Gary Gensler Announces Resignation

02:44

Bitcoin Breaches New Record Above $98K as MicroStrategy Soars and Trump Considers ‘Crypto Czar’

01:56

Bitcoin Nears $100K as BTC Battles Pullback with Bullish Sentiment

14:15

The Comeback of Bitcoin Programmability Like ‘Renaissance’: Portal VC Founder

Bessent runs Key Square Group, a macro investing firm. He worked for prominent investor George Soros three decades ago and was, according to The Wall Street Journal, “one of the driving forces” behind Soros Fund Management’s famous bet — that netted a more than $1 billion profit — that the British pound would collapse.

Bitcoin (BTC) and crypto as a whole are now in his sights.

“I have been excited about [Trump’s] embrace of crypto and I think it fits very well with the Republican Party, the ethos of it. Crypto is about freedom and the crypto economy is here to stay,” he said in an interview with Fox Business in July. “Crypto is bringing in young people, people who have not participated in markets.”

Polymarket traders had bet that he was a frontrunner. At one point, Cantor Fitzgerald CEO Howard Lutnick was viewed as one, too, but he was ultimately picked as Commerce Secretary. Lutnick has also dabbled in digital assets, helping stablecoin issuer Tether manage the giant stockpile of U.S. Treasuries that back its USDT stablecoin since 2021.

Edited by Nick Baker.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

have been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

editorial policies.

CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk’s Markets Daily show. Helene is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

Name	Price	24H (%)
Bitcoin(BTC)	$98,570.00	-0.89%
Ethereum(ETH)	$3,342.73	-1.27%
Tether(USDT)	$1.00	-0.11%
Solana(SOL)	$259.21	-0.56%
BNB(BNB)	$657.21	4.12%
XRP(XRP)	$1.55	12.28%
Dogecoin(DOGE)	$0.459626	16.56%
TRON(TRX)	$0.209418	5.04%
Toncoin(TON)	$5.60	0.96%
POL (ex-MATIC)(POL)	$0.54	16.51%

Login

Register

Related posts

Leave a Comment Cancel Reply