Nominated Treasury Secretory of Trump, Scott Bessent Decides to Dispose BTC

Scott Bessent Crypto

Scott Bessent, Trump’s recommended candidate as the head of the US Treasury Department, has planned to disinherit and abate his Bitcoin and investments in Cryptocurrency to avoid any actual or apparent conflict of interest if confirmed for the post. He is the key economic advisor and Trump’s pick for the treasury secretary position. 

He has been a Donald Trump’s ear because he was a big-time supporter of the election campaign and poured a lot of money into Trump’s efforts. He was the hedge fund manager, and many micro-finance experts think that he is a pretty good candidate for treasury. According to Trump, he is the person who could create more tax cuts and more tariffs to put leadership efforts into setting a stable economic policy.

Bessent’s plans were highlighted in a financial announcement released on Saturday by the Office of Government Ethics ahead of a confirmation hearing scheduled for Thursday before the Senate Finance Committee. A requirement for Highly-ranked government officials is to show and divest from holdings. If confirmed as Treasury head, the crypto-protagonist Bessent would face the burdensome challenge of managing the Federal debt. However, Trump plans to increase tax cuts and eliminate taxes on social security benefits.

Bessent is in favor of tax reform and regulation, mainly to increase bank lending and energy production. In October 2024, Bessent said that the revolutionary Trump administration would likely adopt a strong dollar in accordance with Washington’s multi-decade policies. 

In addition, Bessent said he would disown investments that could pose a potential conflict of interest, including long-term bets on the value of the dollar against foreign currencies such as the Chinese yuan, also called the renminbi. 

He’s also selling stakes in a bitcoin exchange-traded fund that is actually an account that trades the renminbi in Cambrian Biopharma, a drug development. As an investor, Bessent has been a strong advocate of Trump’s acceptance of the cryptocurrency. This support would make him the first treasury secretary to openly champion cryptocurrency, sending a clear message that Trump is serious about building the US as the “crypto empire of the world.” 

Mr. Bessent gained notoriety in the 1990s by betting against the British pound and earning his firm, Soros Fund Management, $1 billion. He also made a high-profile bet against the Japanese yen.  Bessent will initiate Mr. Trump’s economic strategy of cutting taxes, rolling back regulations and imposing tariffs as he seeks to renegotiate trade deals. He will also play a central role in the Trump administration’s expected embrace of cryptocurrencies such as Bitcoin.

As stated by The New York Times, disclosure revealed assets worth over $700 million, including between $250,000 and $500,000 in Bitcoin ETF investments. Bessent, who previously worked for billionaire philanthropist George Soros, had pledged to sell his investments in various funds, trusts, and other holdings to make sure that there would be no conflicts if confirmed as Treasury Secretary of the state.

Mr. Bessent said that he would shut the Key Square Capital Management, the investment firm that he founded, and would resign from his Bessent-Freeman Family Foundation and from Rockefeller University, where he has been chairman of the investment committee. If he is appointed as the head of Treasury as secretary, he will divest his funds and trusts, including his investments in Bitcoin ETF.

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