Scott Bessent, Donald Trump’s pick to be the next U.S. Treasury Secretary, is a pro-crypto businessman and founder of hedge fund Key Square Capital Management.
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Putting in a good word
U.S. Treasury Secretaries have enormous influence globally: they set the tone for investors, influence stock and bond markets, and shape policies that affect global financial stability. Many in the industry are excited about the prospect of Bessent occupying this position of power because of his public comments expressing support for crypto:
“Crypto is about freedom and the crypto economy is here to stay.”
Bessent’s would-be predecessor, Janet Yellen, has never spoken this glowingly about crypto. Bessent’s words signal a potentially dramatic shift in Treasury’s posture.
“Crypto is bringing in young people who have not participated in markets.”
Crypto is dominated by Millennials (ages 28-43) and Gen Z (ages 18-27). In Switzerland, for example, a third of users are Gen Z; in Indonesia, 75% are under 35. Bessent recognizes this and could help usher in the next wave of young users.
“Everything is on the table with Bitcoin."
This was Bessent’s response to a question about a potential Bitcoin strategic reserve: a government stockpile of Bitcoin. A “BSR” would serve to further institutionalize crypto and could significantly boost Bitcoin’s status as a store of value.
Cheat sheet
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