Multiple news outlets have reported that Donald Trump, the president-elect, has chosen Scott Bessent as his nominee to be the new Secretary of Treasury. Bessent is a hedge fund manager who’s known for being pro-cryptocurrency.
Bessent has served as a prominent economic adviser for Trump’s presidential campaign. Bessent will likely play an important role in shaping Trump administration’s economic policy. Among other things, he's an ardent supporter of Trump's plan to create a strategic Bitcoin Reserve.
Scott Bessent, born in Conway in South Carolina in 1962, graduated in 1984 from Yale University. His career began in finance with Brown Brothers Harriman, and he later moved to Kynikos Associates. Bessent was a Soros Fund Management partner in 1991. He played a major role in Soros Fund Management’s famous wager against the British pounds.
Bessent left Soros Fund Management and founded his own $1 billion hedge-fund in 2000. He managed it until 2005. He also served as a senior investment advisor at Protégé Partners. Bessent was appointed Chief Investment Officer at Soros Fund Management in 2011. He held this position until 2015. In that year, Bessent founded Key Square Group, an international macro-investment firm.
Cryptocurrency Advocacy
Bessent, who views cryptocurrencies as essential to the financial future, has always been a strong advocate. He is optimistic that digital assets will play a role in the promotion of financial freedom, innovation and freedom. The administration is interested in digital currencies being integrated into the economic system.
He has supported Democratic and Republican campaigns. He was a host of a 2000 fundraiser to support Vice President Al Gore for his presidential campaign. He has also been an adviser and a major donor to the campaign of President-elect Trump, giving over $2 million in contributions and offering economic policy advice.
Bessent’s nomination will be subject to confirmation by the Senate. If he is confirmed, Bessent will be in charge of implementing the Administration’s economic agenda. This includes policies and tax reforms related to digital currency. Ses extensive experiences in finance and investing are expected to have a significant impact on the Treasury Department’s approach towards emerging financial technologies.
Initial reaction on X was overwhelmingly positive from all corners, with some praising Bessent's financial experience and acumen and others pointing out that Bessent is Trump's first, openly gay Cabinet nominee.