November 26, 2024
By Our Correspondent
President-Elect Donald Trump appointed Scott Bessent, a hedge fund manager with a pro-cryptocurrency stance, as his administration’s prospective Treasury Secretary, subject to Senate confirmation.
The 62-year-old Bessent has expressed support for Trump’s initiative to establish a strategic bitcoin reserve, along with his broader outreach to the cryptocurrency sector. “I have been enthusiastic about [Trump’s] acceptance of cryptocurrency, which aligns well with the values of the Republican Party,” Bessent remarked to the press this summer.
“Cryptocurrency represents freedom. The crypto economy is here to stay, while the Democrats are distancing themselves from it due to the negative associations with Sam Bankman-Fried and his contributions to the Democratic Party.”
Market analysts anticipate that Bessent’s responsibilities will encompass tax policy, the management of escalating national debt, and potentially the formulation of cryptocurrency policy. Bessent has also been a significant financial supporter of Trump, contributing $1 million to the Republican candidate for his inauguration in 2016.
Trump has previously referred to Bessent as “one of the most brilliant minds on Wall Street.” Regarding his economic philosophy, Bessent advocates for a “3-3-3” strategy, advising Trump to implement deregulation to achieve a 3% annual GDP growth, reduce the budget deficit to 3% of GDP within four years, and increase daily oil production by 3 million barrels, as reported by The New York Times.
Additionally, Bessent has sought to clarify Trump’s contentious economic policies, particularly the proposal for protectionist tariffs. While some Republicans have criticized these tariffs for raising costs and placing burdens on businesses and consumers, Bessent argues that Trump uses them as a strategic tool to compel other nations to comply with his demands. Others within Musk’s circle, including Tesla CEO Elon Musk, had hoped for Howard Lutnick, the CEO of Cantor Fitzgerald, to be appointed as Treasury Secretary.
“Scott has long been a strong advocate of the America First Agenda,” Trump said in his announcement. “We will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America.”
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