Billionaire hedge fund manager Scott Bessent is reportedly positioning himself because the leading candidate for Treasury Secretary under a Donald Trump administration. Matthew Pines, Director at SentinelOne and National Security Fellow on the Bitcoin Policy Institute, shared an article from the Financial Times on X, highlighting Bessent’s ambitions.

Trump’s Treasury Secretary Could Be Pro-Bitcoin

The report, titled “Top Trump Fundraiser Lines Himself Up for Treasury Secretary,” indicates that Bessent has been actively canvassing candidates to function his deputies. As a key economic adviser to Trump, Bessent is widely thought to be a top contender for the Treasury position. With a storied profession as a hedge fund investor and former Yale University lecturer, he has cultivated a detailed relationship with the previous president.

Bessent is thought for his support of laissez-faire economic policies paying homage to the pre-Trump Republican Party. Nevertheless, he has also praised Trump’s use of tariffs as a strategic negotiating tool, aligning with the president-elect’s economic philosophy that’s skeptical of regulations and international trade.

Notably, Bessent has emerged as a powerful advocate for Bitcoin and the broader crypto industry. In an interview from June, he expressed enthusiasm in regards to the intersection of crypto and Republican values. “I actually have been excited in regards to the president’s embrace of crypto and I feel it matches thoroughly with the Republican Party, crypto is about freedom within the crypto economy is here to remain,” he said.

Bessent also commented on the Democratic Party’s stance toward cryptocurrency, suggesting they’re distancing themselves because of the fallout from Sam Bankman-Fried‘s alleged misconduct and his family’s donations. Bessent criticized their willingness “to tackle the entire industry due to bad behavior of 1 actor.”

Furthermore, he made a transparent statement pro-Bitcoin: “I feel the whole lot is on the table with Bitcoin.” Highlighting the potential of Bitcoin to have interaction a recent generation of investors, Bessent stated: “One of the exciting things about Bitcoin is that it brings in young people and people who haven’t participated in markets before. Cultivating a market culture within the US, where people consider in a system that works for them, is the centerpiece of capitalism.”

The potential appointment of Bessent might be seen as pivotal for the possible establishment of a strategic Bitcoin reserve as proposed by Trump in the course of the Bitcoin 2024 conference—a choice through which the Treasury Secretary would play a vital role. As reported earlier today, Trump could initiate this move inside his first 100 days in office to forestall other nations from gaining a competitive advantage in keeping with BTC Inc. CEO David Bailey.

Renowned crypto analyst MacroScope (@MacroScope17) highlighted the large significance of the newest developments via X: “Within the months before the election, I said BTC wasn’t pricing in a Trump win. I feel this continues to be largely true, especially regarding potential policy outcomes that will transcend the strategic national reserve. Speculation goes around about this, and it’s going to get louder. Asset managers—especially aggressive traders and hedge funds—ought to be laser-focused on watching how this develops. Profession-making for individuals who get it right.”

At press time, BTC traded at $74,908.

Featured image from YouTube, chart from TradingView.com