Billionaire hedge fund manager Scott Bescent is reportedly positioning himself as a leading candidate for Treasury Secretary under Donald Trump’s administration. Matthew Baines, director of SentinelOne and national security fellow at the Bitcoin Policy Institute, shared an article from the Financial Times on X, highlighting Bessent’s ambitions.
Trump’s Treasury Secretary Could Be a Bitcoin Supporter
The report, titled “Top Trump Fundraiser Lined Up for Treasury Secretary,” notes that Bescent was actively searching for candidates to serve as his aides. As Trump’s chief economic adviser, Bescent is widely viewed as a leading contender for the Treasury Department job. With a career as a hedge fund investor and former lecturer at Yale University, he developed a close relationship with the former president.
Bescent is known for his support of laissez-faire economic policies reminiscent of the pre-Trump Republican Party. However, he also praised Trump’s use of tariffs as a strategic negotiating tool, in keeping with the president-elect’s economic philosophy that is skeptical of international regulations and trade.
It is worth noting that Besant has emerged as a strong advocate for Bitcoin and the broader cryptocurrency industry. In an interview in June Express Enthusiasm about the intersection of cryptocurrencies and Republican values. “I was excited about the president’s embrace of cryptocurrencies and I think he fits well with the Republican Party,” he said. “Cryptocurrencies are about freedom in the economy. Cryptocurrencies are here to stay.”
Besant also commented on the Democratic Party’s stance on cryptocurrencies, noting that they are distancing themselves due to the fallout from Sam Bankman Fried’s alleged misconduct and his family’s donations. Besant criticized their willingness “to take over the entire industry because of the bad behavior of one actor.”
Moreover, he made a clear pro-Bitcoin statement: “I think everything is on the table with Bitcoin.” Besant highlighted Bitcoin’s potential to attract a new generation of investors: “One of the most exciting things about Bitcoin is that it attracts young people and those who have not participated in the markets before. Developing a market culture in the United States, where people believe in a system that works for them, is the focus of Capitalism.
The potential appointment of Besant could be seen as pivotal to the potential creation of a strategic reserve for Bitcoin as Trump suggested during the 2024 Bitcoin Conference – a decision in which the Treasury Secretary would play a crucial role. As reported earlier today, Trump could initiate the move within his first 100 days in office to prevent other countries from gaining a competitive advantage according to the BTC Inc. CEO. David Bailey.
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At press time, Bitcoin was trading at $74,908.
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