1 week ago
14 ARTICLE AD
Donald Trump is strongly considering pro-crypto candidate Scott Bessent for the role of US Treasury Secretary, indicating a potential crypto-friendly approach.
Key Notes
Scott Bessent, a hedge fund billionaire and close Trump ally, is an outspoken advocate for Bitcoin and the crypto sector.If appointed, Bessent plans to tackle the spending deficit through deregulation, energy independence, and privatization.It seems Donald Trump would be keeping up with his promises to the crypto industry, he made during election campaign.As Donald Trump‘s team has been working on picking up its cabinet ministers, they have been leaving no stone unturned to bring pro-crypto candidates to the forefront. As per the latest development, Trump’s leading pick for the role of US Treasury Secretary is Scott Bessent.
The billionaire hedge fund investor has taken a very pro-crypto and pro-Bitcoin stand previously. Besides, is also popular for his close proximity with Trump and is likely to be his economic advisor as well. He has notably become a strong advocate for Bitcoin BTC $88 626 24h volatility: 8.6% Market cap: $1.75 T Vol. 24h: $155.67 B and the broader crypto industry. In a June interview, he shared his enthusiasm for the alignment between crypto and Republican values. Scott Bessent said:
“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.”
Scott Bessent has highlighted Bitcoin’s unique appeal and its role in engaging a new generation of investors. “I think everything is on the table with Bitcoin,” Bessent stated.
He further added:
“One of the most exciting aspects of Bitcoin is its ability to attract young people and those previously uninvolved in markets. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
This development shows that the next US president Donald Trump is likely to keep up with his promises for the crypto industry. During his election campaign this year, Trump stated that he would ensure a crypto-friendly environment and policy-making to make America the crypto capital of the world.
Why Scott Bessent Would Be a Good Choice as US Treasury Secretary?
President Trump’s newly appointed Treasury Secretary, Scott Bessent, has outlined an aggressive plan to reduce the national spending deficit. “We’re aiming to achieve this through deregulation, energy dominance, and re-privatizing the economy,” Bessent stated. He also indicated that he will collaborate with Elon Musk to identify and eliminate government waste.
Trump economic advisor Scott Bessent says the way to tame the deficit is through deregulation, energy dominance and reprivatizing the economy: pic.twitter.com/ZeFOfIEmhZ
— Squawk Box (@SquawkCNBC) November 6, 2024
As per the data from Polymarket, Scott Bessent is leading by a staggering 88% as a potential choice for the US Treasury Secretary under the Trump administration.
Several market players have been expecting America’s crypto landscape to improve considerably during the Trump administration. VC giants like Andreessen Horowitz (a16z) believe that the crypto regulatory measures will foster innovation allowing firms to explore groundbreaking products.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
