Scott Bessent, one of the top contenders for the position of U.S. Treasury Secretary in the upcoming administration of President-elect Donald Trump, has a friendly attitude towards cryptocurrencies like Bitcoin.
Bessent, the founder of Key Square Group and former chief investment officer of Soros Fund Management, is "very pro-crypto," Fox Business reporter Eleanor Terrett said in a post on X on November 11.
Scott Bessent, one of the top contenders for the Treasury Secretary position under the Donald Trump administration. Source: Reuters
"Trump's top pick for Treasury Secretary — hedge fund billionaire investor Scott Bessent — is very pro-crypto, especially Bitcoin," Terrett wrote, citing some of Bessent's statements about the industry.
"Crypto is about freedom, and the crypto economy is here to stay"
According to Terrett, Bessent has made several pro-crypto statements recently, reflecting his positive attitude towards cryptocurrencies, which aligns with Trump's ambitious promise to make the U.S. the "crypto capital of the world".
In a recent statement related to cryptocurrencies, Bessent said:
"I'm very excited about the president embracing crypto and I think it fits very well with the Republican Party, crypto is about freedom, and the crypto economy is here to stay."
Bessent also expressed his support for Bitcoin (BTC), emphasizing its strength in attracting young people to the financial market. He stated:
"One of the most interesting things about Bitcoin is that it provides an opportunity for young people and those who have never participated in the market before. Developing a market culture in the U.S. where people trust a system that works for them is at the heart of capitalism."
Other Candidates?
According to Reuters, Trump has started the process of selecting cabinet members and other officials for his administration last week after his victory in the U.S. presidential election.
Trump, who is expected to return to the White House on January 20, is said to have met with Bessent and fellow investor John Paulson on November 8.
Citing two people close to the president-elect, Reuters reported that Bessent and Paulson are currently the top contenders for the crucial role of U.S. Treasury Secretary.
John Paulson at the Fox Business Network Studios on October 23 in New York City. Source: Forbes
Bessent and Paulson, both longtime financial backers of Trump's presidential campaigns, have long been on Trump's radar for a role in his administration.
In a campaign speech in January, Trump hinted that Paulson could be a potential candidate for the Treasury Secretary position. According to Reuters, Trump wants Paulson to lead the Treasury Department, and if not him, then Bessent.
Paulson, who served as one of the top economic advisors for Trump's 2016 presidential campaign, is known for his previously negative stance on cryptocurrencies.
In 2021, Paulson argued that cryptocurrencies like Bitcoin "have no intrinsic value" and criticized the volatility of cryptocurrencies compared to relatively stable traditional markets.
However, Trump himself has also harshly criticized Bitcoin during and after his first presidential term, calling it a "scam" and just "another currency competing against the dollar" in July 2021. Those statements did not prevent Trump from declaring himself a pro-crypto candidate and saying "crypto is the future" in his 2024 campaign.
In addition to selecting a candidate for the U.S. Treasury Secretary, Trump will also need to choose a large number of officials for key federal financial agencies, including the U.S. Securities and Exchange Commission.
According to the Washington Post, the names being considered for the SEC chair and other positions include Daniel Gallagher, Hester Peirce, and Mark Uyeda.
