Scott Bessent Leads 88% Chance to Become US Treasury Secretary
Donald Trump’s team is prioritizing pro-crypto candidates as potential cabinet ministers. Scott Bessent is the leading candidate for the role of US Treasury Secretary due to his strong advocacy for Bitcoin and the crypto industry. His close relationship with Trump positions him as a likely economic advisor.
Bessent has expressed enthusiasm for the alignment between crypto and Republican values, stating:
“I have been excited about the president’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.”
He emphasized Bitcoin's appeal to younger investors, noting its potential to cultivate a market culture in the US that aligns with capitalist principles:
“One of the most exciting aspects of Bitcoin is its ability to attract young people and those previously uninvolved in markets. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
This development suggests that Trump may follow through on promises to create a crypto-friendly environment, aiming to position America as the crypto capital of the world.
Why Scott Bessent Would Be a Good Choice as US Treasury Secretary?
Bessent has proposed an aggressive plan to reduce the national spending deficit through deregulation, energy dominance, and re-privatizing the economy. He plans to work with Elon Musk to identify and eliminate government waste:
Trump economic advisor Scott Bessent says the way to tame the deficit is through deregulation, energy dominance and reprivatizing the economy: pic.twitter.com/ZeFOfIEmhZ
— Squawk Box (@SquawkCNBC) November 6, 2024
According to Polymarket, Bessent has an 88% chance of being selected as Treasury Secretary under the Trump administration. Market participants expect significant improvements in America’s crypto landscape during this period. Venture capital firms like Andreessen Horowitz anticipate that favorable regulatory measures will encourage innovation in the sector.