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Trump to Nominate Pro-Bitcoin Billionaire Scott Bessent as Treasury Secretary

Nov 12, 2024, 01:26 PM

President-elect Donald Trump is reportedly planning to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary, potentially replacing Janet Yellen. Bessent, who runs the macro hedge fund Key Square Group, is known for his positive stance on cryptocurrencies, particularly Bitcoin. This potential nomination aligns with Trump's aim to appoint pro-crypto cabinet members to make the United States the "crypto capital of the world." Bessent previously served as chief investment officer at Soros Fund Management in the 1990s before founding his own hedge fund with initial capital from George Soros. Despite his prior association with Soros, Bessent has gained support from several of Trump's key advisers. His favorite economist is reportedly Thomas Sowell. Betting markets suggest a high probability of his nomination, though Trump has not yet made a final decision.