Trump nominates pro-cryptocurrency Scott Besent as Treasury Secretary

- Trump Nominates Scott Bessent as Treasury Secretary - Bessent Supports Cryptocurrency and Digital Assets [Unblock Media] Recently, U.S. President-elect Donald Trump has nominated hedge fund manager Scott Bessent, who holds a positive stance on cryptocurrency, as Treasury Secretary. If Bessent is confirmed by the Senate, his signature will appear on U.S. currency. Bessent is a fan of digital assets that aim to replace traditional financial systems, which could have significant implications for the cryptocurrency industry. Bessent operates a macro investment firm called Key Square Group and has previously worked with renowned investor George Soros. One of his standout achievements was playing a leading role in the famous bet of Soros Fund Management, which profited over $1 billion by predicting the collapse of the British pound. Currently, Bessent's interest is focused on Bitcoin and the cryptocurrency market at large. In an interview with Fox Business, Bessent said, "I am very excited about Trump's acceptance of cryptocurrency, and I believe it aligns well with Republican values. Cryptocurrency is about freedom, and the crypto economy is here to stay. It is attracting young people and new participants who had not engaged in the market before." This suggests that cryptocurrency and blockchain technology are steadily becoming mainstream. With Bessent's appointment as Treasury Secretary, certain policy changes are anticipated. Given Bessent's repeated expressions of support for deregulation, it is likely that regulatory easing could lead to a rise in Bitcoin prices. The temporary increase in Bitcoin prices following the news of Bessent's nomination is worth noting, as it acts as a positive signal for cryptocurrency investors. Additionally, Bessent was competing with Howard Lutnick, CEO of Cantor Fitzgerald, for the position, although Lutnick ended up being nominated as Secretary of Commerce. Lutnick also has interests in digital assets and has assisted the stablecoin issuer Tether with managing its U.S. Treasury reserve inventory since 2021. Lutnick's nomination as Secretary of Commerce and his experience with cryptocurrency could have a positive impact on the market. His tendency to strengthen the link between cryptocurrency and traditional finance, due to his collaboration with Tether, may increase market stability and attract more traditional investments. Bessent, on the other hand, is regarded as someone who emphasizes the independence of cryptocurrency. With such figures being appointed as leaders of major economic sectors, the cryptocurrency market is likely to receive increased attention. This reinforces the potential of cryptocurrency to replace existing financial systems. Cryptocurrency and blockchain technology are poised to become key elements of financial innovation.