Donald Trump relies on crypto advocate Scott Bessent as Finance Minister

The election of Donald Trump as the next U.S. President heralds new directions in the field of crypto-economy. For the position of Secretary of the Treasury, Trump has chosen the experienced hedge fund manager and staunch crypto supporter Scott Bessent, pending Senate confirmation. Bessent, 62, advocates for Trump's plans to establish a strategic Bitcoin reserve and supports his expanded efforts to integrate the cryptocurrency industry into national economic policy. In a summer interview, Bessent expressed enthusiasm for Trump's commitment to cryptocurrencies. He emphasized that the crypto-economy embodies the spirit of freedom and will endure permanently. In contrast to the Democrats, who, according to Bessent, wish to distance themselves from the negative association with Sam Bankman-Fried and his donations, he sees the crypto movement as an opportunity for Republicans. Apart from his role in tax policy and managing the national debt, Bessent could also shape crypto policy in the future. He is regarded as a long-time Trump supporter, not least due to his million-dollar donation for Trump's presidential inauguration in 2016. Among Trump's advisors, Bessent enjoys an excellent reputation for his strategic thinking. Bessent's economic approach is based on the so-called "3-3-3" strategy. This aims to achieve an annual economic growth of 3% through deregulation, reduce the budget deficit to 3% of the GDP, and increase daily oil production by 3 million barrels. In doing so, he strives to present Trump's controversial economic policies, such as protectionist tariffs, in a positive light and embed them as negotiation tools. Among the followers of Elon Musk, including Tesla CEO, there was a preference for a different appointment for the position of Secretary of the Treasury, such as Howard Lutnick of Cantor Fitzgerald. However, Trump was convinced: "Scott has always been a staunch advocate of the America First Agenda. He will ensure that no American is left behind in the forthcoming greatest economic boom.