President-elect Donald Trump named hedge fund manager Scott Bessent, a Cryptocurrency enthusiast, as his nominee for the position of Minister of Finance.
If approved by the Senate, the next person whose signature graces US paper currency will be a fan of the digital currency ecosystem created to replace the traditional financial system.
Bessent runs Key Square Group, a macro investment company. He worked for prominent investor George Soros three decades ago and, as he writes The Wall Street Journal was “ONE of the driving forces” behind Soros Fund Management’s famous bet — which made more than $1 billion in profits — that the British pound would collapse.
Bitcoin (BTC) and Crypto in general is now in his sights.
“I’ve been delighted with the way (Trump) has embraced Crypto, and I think it fits the Republican Party very well, the spirit of it. Crypto is freedom and Crypto is here to stay,” he said in interview Fox. Business in July. “Crypto attracts young people, people who have not participated in the Markets.”
Polymarket traders bet that he was the leader. At ONE point, Cantor Fitzgerald CEO Howard Lutnick was also considered ONE, but was eventually chosen as Secretary of Commerce. Lutnik has also dabbled in digital assets, helping stablecoin issuer Tether manage a giant stockpile of US Treasuries backing its USDT stablecoin from 2021.
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