The President-elect of the United States, Donald Trump, has nominated Scott Bessent, a hedge fund manager and a cryptocurrency enthusiast, as a candidate for the position of Secretary of the Treasury. If approved by the Senate, Bessent will be the next person to sign the United States currency, and he is also a strong supporter of the cryptocurrency ecosystem - a system that is expected to gradually replace traditional financial models.
Bessent currently runs Key Square Group, a macro-investment firm. Previously, he worked for George Soros, one of the world's most renowned investors, and is said to be "one of the key drivers" behind Soros Fund Management's famous investment strategy - a decision to bet on the collapse of the British pound, which generated over $1 billion in profits. Currently, cryptocurrencies, particularly Bit, are his next investment target.
In an interview with Fox Business in July, Bessent expressed excitement about President Trump's acceptance and support of crypto. He believes that this interest is entirely consistent with the Republican Party's spirit: "Cryptocurrencies represent freedom, and the cryptocurrency economy will endure," Bessent said. "Cryptocurrencies are attracting young people who have never participated in the financial market."
Before this choice was made, traders on Polymarket had bet that Bessent would be the frontrunner in this race. Although Cantor Fitzgerald CEO Howard Lutnick was also considered a potential candidate, he was ultimately chosen as the Secretary of Commerce. Lutnick, who has also been involved in the digital asset space, has supported Tether in managing its massive US government bond reserve to protect the value of USDT since 2021.
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Vuong Tien
According to CoinDesk
