President-elect Donald Trump’s potential pick for United States Treasury Secretary, Key Square Group founder and CEO Scott Bessent, has a long history of being pro-crypto.
Key Square Group CEO Scott Bessent Guns For Treasury Secretary
According to Fox Business journalist Eleanor Terrett, Bessent has made “some recent statements” that solidify his pro-crypto stance as Trump considers candidates for roles in his upcoming administration.
Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.
Some recent statements:
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…— Eleanor Terrett (@EleanorTerrett) November 12, 2024
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” Terrett cited Bessent as saying.
In another quote, the Yale-educated hedge fund manager reportedly praised Bitcoin for its ability to cultivate “a market culture in the U.S.” while making users believe in a “system that works for them.”
“I think everything is on the table with Bitcoin,” Terrett attributed to Bessent. “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before.”
Donald Trump Deliberates Administration Decisions
News of Bessent’s alleged crypto commentary comes amid renewed optimism by certain members of the crypto community over the incoming government’s potential to pick a crypto-friendly Cabinet.
Bessent, who served as an advisor to Trump’s 2024 U.S. presidential campaign, seems to be a standout selection to lead the U.S. Treasury after billionaire Trump donor John Paulson formally dropped out of consideration Tuesday.
“My complex financial obligations would prevent me from holding an official position in President Trump’s administration at this time,” Paulson announced in a statement.
According to Reuters, Bessent reportedly met with Trump at the New York-born businessman’s Mar-a-Lago’estate late last week, where unnamed sources said talks between the two were “very positive.”
On the decentralized prediction market Polymarket, Bessent boasts an 89 percent chance of being elected, with Cantor Fitzgerald CEO Howard Lutnick trailing behind with seven percent of the vote on the betting platform.
Other candidates for the position include former United States Securities and Exchange Commission (SEC) Chair Jay Clayton as well as one-time Trump administration U.S. trade representative Robert Lighthizer.
However, with both of the aforementioned potential picks drumming up just 2 percent of Polymarket bettors’ votes respectively, Bessent remains the strongest candidate in the running to lead the U.S. Treasury.
Trump is set to be sworn into office this January, while formal position decisions in his administration are set to be announced at a later date.
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