30s Summary

Scott Bessent, potential US Treasury Secretary under President-elect Donald Trump, is reportedly pro-Bitcoin and backs the crypto economy. Bessent, previously an investor at Soros Fund Management and founder of Key Square Group, is considered for the Treasury Secretary position along with John Paulson. Trump has also been considering individuals for other financial roles, such as the Chair of the US Securities and Exchange Commission, despite previous criticism of Bitcoin.

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Scott Bessent, who might become the next US Treasury Secretary under President-elect Donald Trump, is a big fan of cryptocurrencies like Bitcoin. According to Eleanor Terrett, a journalist from Fox Business, Bessent, the founder of Key Square Group and the previous investing bigwig at Soros Fund Management, is very much in favor of cryptocurrencies.

Terrett pointed out that Bessent is super pro-Bitcoin — a stance aligning well with Trump’s big goal to turn the US into the world’s crypto hub. She further quoted Bessent saying, “Crypto is about freedom, and the crypto economy is here to stay”. Bessent also highlighted how Bitcoin draws in younger folks and those new to financial markets.

In the wake of his recent election victory, Trump has reportedly been meeting with Bessent and another investor, John Paulson. Both Bessent and Paulson, who heavily backed Trump’s presidential campaign, are under consideration for the Treasury Secretary position.

While Trump himself previously criticized Bitcoin, he turned himself around and declared himself a crypto-fan during his 2024 campaign. Aside from picking his Treasury Secretary candidate, Trump also has to select officials for other key financial positions, including the Chair of the US Securities and Exchange Commission. According to the Washington Post, Daniel Gallagher, Hester Peirce, and Mark Uyeda are all potentially in the running for these roles.