Price data from Decrypt’s Art, Fashion, and Entertainment Hub shows that President-elect Donald Trump has nominated Scott Bessent to be the next Secretary of the Treasury. Bessent is a well-known hedge fund manager who supports cryptocurrencies, according to multiple news outlets.
Bessent founded Key Square Group and has been a key economic adviser to Trump’s campaign. He is expected to play an important role in shaping the administration’s economic policies. One of his notable ideas is to create a strategic Bitcoin Reserve.
Born in 1962 in Conway, South Carolina, Bessent graduated from Yale University in 1984. He started his finance career at Brown Brothers Harriman before moving to Kynikos Associates. In 1991, he became a partner at Soros Fund Management, where he helped the firm make a major bet against the British pound.
After leaving Soros Fund Management in 2000, Bessent launched a hedge fund worth $1 billion, managing it until 2005. He also served as a senior investment advisor at Protégé Partners. In 2011, he returned to Soros Fund Management as Chief Investment Officer and held that position until 2015. That year, he founded Key Square Group, a global macro investment firm.
Bessent is a strong advocate for cryptocurrencies. He believes they are crucial for the future of finance. He has expressed hope that digital assets can promote financial freedom and innovation. His views align with the administration’s interest in integrating digital currencies into the economy.
He has supported candidates from both the Democratic and Republican parties. In 2000, he hosted a fundraiser for Vice President Al Gore’s campaign. More recently, he has been a significant donor and adviser to Trump’s campaign, contributing over $2 million and providing guidance on economic policy.
Bessent’s nomination still needs Senate confirmation. If he is confirmed, he will oversee the implementation of the administration’s economic agenda, including tax reforms and policies regarding digital currencies. His extensive experience in finance and investment is expected to shape how the Treasury Department approaches new financial technologies.
Initial reactions on social media have been largely positive. Many praised Bessent's financial expertise, while others noted that he is Trump’s first openly gay Cabinet nominee.