Trump Chooses Crypto-Supporting Billionaire Scott Bessent as Treasury Secretary

US President-elect Donald Trump has nominated Scott Bessent, a speculative fund manager who is passionate about cryptocurrencies, as a candidate for Secretary of the Treasury. If approved by the Senate, Bessent will be the next signer on the US dollar bill, as well as a strong supporter of the cryptocurrency ecosystem - a system that is expected to gradually replace traditional financial models. Scott Bessent (born in 1962) is a prominent investor and the founder of Key Square Capital Management, a global macro investment firm. Prior to founding the company in 2015, he was the Chief Investment Officer (CIO) of Soros Fund Management from 2011 to 2015, where he made significant trades profiting from the weakening of the Japanese yen. Bessent has taught economic history at Yale University from 2006 to 2010 and holds a degree from here. He is also actively involved in charitable activities and holds many important positions in reputable organizations. Currently, cryptocurrencies, especially Bitcoin, 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 believed that this interest is in line with the spirit of the Republican Party: 'Cryptocurrency represents freedom and the cryptocurrency economy will exist in the long term,' Bessent said. 'Cryptocurrency is attracting young people who have never been involved in the financial market.' Before this choice, traders on Polymarket bet that Bessent would lead the race. Although Cantor Fitzgerald CEO Howard Lutnick was also considered a potential candidate, he was ultimately chosen as the Secretary of Commerce. Lutnick, who also has involvement in the digital asset space, has supported Tether in managing a huge reserve of US government bonds to protect the value of USDT since 2021.