Highlights:
- Trump nominates Bitcoin advocate Scott Bessent for Treasury Secretary, focusing on digital assets’ future.
- Bessent’s leadership would tackle economic challenges while promoting deregulation, tax cuts, and innovation.
- Musk criticizes Bessent, while the crypto community applauds his nomination as the pro-innovation Treasury Secretary.
President-elect Donald Trump has nominated Scott Bessent, the founder of hedge fund Key Square Capital Management and a Bitcoin advocate, for the role of Treasury Secretary, according to a post from Trump on Truth Social Friday. As Treasury secretary, he would influence U.S. economic policy on digital assets. This includes the potential creation of a national Bitcoin stockpile.
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The 62-year-old billionaire advised Trump on economic policy during the campaign. Before that, he gained recognition at Soros Fund Management, where he helped make the famous 1992 bet against the British pound, earning $1 billion in profit. Now, he is focused on Bitcoin and digital currencies, which he believes are key to the future of finance.
If the Senate confirms him, Bessent will head the Treasury Department. His duties include managing the economy, taxes, debt, and financial regulations. He will face challenges like a $36 trillion debt limit, expiring tax cuts from 2017, and fulfilling Trump’s campaign promises. Betters on Polymarket had previously predicted an 88% chance that Bessent would become Treasury Secretary under Trump.
Trump's Secretary of Treasury nominee Scott Bessent:
"I think everything is on the table with Bitcoin."pic.twitter.com/IuQZIIdtaz https://t.co/hkf3eyXzmS
— Pledditor (@Pledditor) November 22, 2024
In a July interview with Fox Business, Bessent praised Trump’s support of cryptocurrency, connecting it to the values of the Republican Party. He said, “Crypto is about freedom, and the crypto economy is here to stay,” highlighting its ability to bring young and underrepresented people into financial markets.
Bessent has called for deregulation, tax cuts, and tackling the debt, which he blamed on “four years of reckless spending.” He also stated that a new Trump administration would support a strong dollar and avoid devaluing it.
In a statement provided by Terrett, Bessent said:
“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
Elon Musk Criticizes Bessent
As the competition for the Treasury Department role heated up, billionaire Elon Musk criticized Bessent on his social media platform, X. He called Bessent a “business-as-usual choice” and argued that Howard Lutnick, Trump’s transition co-chair, would be a better pick for bringing real change. Trump ultimately chose Lutnick to lead the Commerce Department.
Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback.
My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.
Business-as-usual is driving America bankrupt, so we need change… https://t.co/igGLZOJ8wz
— Elon Musk (@elonmusk) November 16, 2024
On Friday, Trump praised Bessent as “a strong advocate of the America First Agenda.” He said Bessent would help strengthen the U.S. economy, maintain the dollar as the world’s reserve currency, and lead the country into “a new Golden Age.”
Crypto Community Applauds Bessent’s Nomination as Treasury Secretary
The crypto community showed a positive response to Trump’s nomination of Bessent for Treasury Secretary. Ripple CEO Brad Garlinghouse shared his thoughts on X, calling Bessent the perfect pick. He also mentioned that Bessent would likely be the most pro-innovation, pro-crypto Treasury Secretary seen to date.
I don't want to get too far ahead of myself but…
Scott Bessent is the perfect pick by @realdonaldtrump!
He will be the most pro-innovation, pro-crypto Treasury Sec we've ever seen
— Brad Garlinghouse (@bgarlinghouse) November 23, 2024
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