President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund manager known for his support for cryptocurrencies, to be his next Treasury secretary, multiple media outlets reported late Friday.
Bessent, founder of Key Square Group, was a key economic advisor to the Trump campaign and is expected to play a pivotal role in shaping the administration’s economic policies. Among other things, he is an enthusiastic supporter of Trump’s plan to create a strategic Bitcoin reserve.
Born in Conway, South Carolina in 1962, Scott Bessent graduated from Yale University in 1984. He began his career in finance at Brown Brothers Harriman and later joined Kynikos Associates. In 1991, Bessent became a partner at Soros Fund Management, where he played a key role in the firm’s notable bets against the British pound.
After leaving Soros Fund Management in 2000, Bessent founded a $1 billion hedge fund, which he managed until 2005. He also served as Senior Investment Advisor at Protégé Partners. In 2011, Bessent returned to Soros Fund Management as Chief Investment Officer, a position he held until 2015. That year he founded Key Square Group, a global macro investment firm.
Cryptocurrency support advocacy
Bessent has been an outspoken advocate for cryptocurrencies, seeing them as essential to the future of finance. He expressed optimism about the role of digital assets in fostering financial freedom and innovation. His stance in support of cryptocurrencies is consistent with the administration’s interest in integrating digital currencies into the broader economic system.
He supported both Democratic and Republican candidates. In 2000, he hosted a fundraiser for Vice President Al Gore’s presidential campaign. Most recently, he served as a major donor and advisor to President-elect Trump’s campaign, donating more than $2 million and providing economic policy guidance.
Bessent’s nomination must be confirmed by the Senate. If confirmed, he will be responsible for implementing the administration’s economic agenda, including tax reform and digital currency-related policies. His extensive experience in finance and investments is expected to influence the Treasury’s approach to emerging financial technologies.
The initial response to X has been overwhelmingly positive on all fronts. Some praised Bessent’s financial experience and acumen, while others pointed out that Bessent was Trump’s first openly gay Cabinet nominee.
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