According to comprehensive foreign media reports, Scott Bessent, a hedge fund billionaire who has publicly supported Bitcoin, is considered a popular candidate to serve as Treasury Secretary in the Trump administration.
(Bloomberg) Quoting people familiar with the matter, Scott Bessent has been endorsed by many of Trump’s advisers. Although Trump has not made a final decision and has not offered the position of Treasury Secretary to any candidate, Scott Bessent’s contribution during the campaign has Whether he is raising funds, helping to write economic-related speeches, or drafting policy proposals, he has won Trump's respect.
Scott Bessent is the founder of the hedge fund company Key Square. He has served as the chief investment officer of the Soros family office in the past and is also a staunch supporter of cryptocurrency. In an interview with (Fox Business) in July this year, he criticized Trump’s proposal to Expressing support for the campaign promise of "listing Bitcoin as a national strategic reserve asset", I think this may be a wise move.
Scott Bessent said at the time: "I think all the possibilities of Bitcoin are worth considering."
If Scott Bessent is appointed finance minister, he will have the opportunity to put these ambitious ideas into action. The Bitcoin strategic reserve plan proposed by Republican Senator Cynthia Lummis of Wyoming advocates for the Treasury to operate and supervise a "decentralized Bitcoin reserve system". This operation method is similar to the current U.S. Treasury Department's management of the country. Gold reserve model.
According to Cynthia Lummis’s plan, the U.S. government will buy up to 1 million Bitcoins within 5 years, equivalent to 5% of the total supply of Bitcoin. Based on the current currency price, it is estimated that it will cost about US$89 billion. These funds will Raising funds by selling $7 trillion in Treasury bonds, loans and gold held by the U.S. Federal Reserve.
Scott Bessent emphasized in July that promoting the integration of cryptocurrencies into the U.S. economy is an important way to reconnect with "those disillusioned with traditional markets." He said:
Cryptocurrencies are attracting young people and attracting groups that have not participated in the market in the past. Letting American market culture work and letting people believe that the market works for them is the core of capitalism.
Although Trump has not yet officially announced the choice of Treasury Secretary, Scott Bessent has been gaining momentum, and currently his probability of being appointed is as high as 89% on the Polymarket platform.
"Once expressed support for the "Bitcoin Strategic Reserve"! The new Trump administration’s Treasury Secretary “He” is the most vocal. This article was first published on (Block Guest).
