Trading crypto
If Trump picks Scott Bessent to lead the Treasury, will he be good for the crypto industry? Pixabay

KEY POINTS

  • Bessent is a well-known investor who has reportedly been invited to Mar-a-Lago for 'meetings'
  • Polymarket bettors have Bessent's odds at a staggering 85% as Trump's potential Treasury Secretary pick
  • Bessent has made some positive comments about crypto and Bitcoin in the past

President-elect Donald Trump is busy getting his cabinet sorted out, and one of the leading names emerging in the cryptocurrency space is Scott Bessent, who is reportedly the Republican leader's pick for Treasury Secretary.

The incoming president has picked a few members of his cabinet: Trump campaign co-chair Susie Wiles for chief of staff, GOP congresswoman Elise Stefanik as United Nations ambassador and immigration official Tom Homan for border czar.

Who is Scott Bessent?

Bessent is a prominent investor who has also backed Trump's campaign. He founded the global macro investment firm Key Square Group and is widely known in the financial space.

Bessent said he would do whatever the president-elect asks him to do if chosen as the Trump government's Treasury Secretary.

Bessent has also reportedly visited Trump's Mar-a-Lago estate in Florida to hold meetings.

Treasury Secretary – A Critical Cabinet Role

The Secretary of the U.S. Department of the Treasury plays a critical role in shaping monetary policies. Janet Yellen is the current Treasury Secretary.

Is Bessent Good for Bitcoin and Crypto?

On Polymarket, where users buy and sell cryptocurrencies to bet on future events, bettors have Bessent leading other potential nominees into the Trump government's Treasury Secretary role.

Bssent's odds are at 85% compared to John Paulson's 5.1%, Robert Lighthizer's 2.3% and Jamie Dimon's 0.8% as of early Tuesday. The real question is, will Bessent be a good pick for the crypto sector?

Polymarket Treasury Secretary Nov 12 2024
Bessent's odds are way up compared to the other potential picks on Polymarket. Polymarket

Matthew Sigel, the head of digital assets research at VanEck, said Bessent would be a "groundbreaking choice" since he will be a "financial chief free from fiat fidelity."

Journalist Eleanor Terrett quoted Bessent as saying he is "excited about the president's [Trump's] embrace of crypto and I think it fits very well with the Republican Party; crypto is about freedom and the crypto economy is here to stay."

Bessent also said that Bitcoin, the world's largest digital currency by market value, will cultivate an American market culture "where people believe in a system that works for them."

Investor Torsten Prochnow agrees that Bessent would be a good pick and a "powerful signal that the U.S. economy is about the enter a new era of innovation, fiscal strength, and freedom."

Read more