Jak Scott Bessent and Trump support the cryptographic revolution

Current developments within Trump’s team clearly indicate that the new American administration will adopt a significantly more positive approach to digital assets. At the forefront of these plans is Scott Bessent, billionaire investor and hedge fund veteran, who has come into the spotlight as the leading candidate for the U.S. Secretary of the Treasury position. His appointment signifies a fundamental shift in the approach to cryptocurrency regulation and Bitcoin itself.

Scott Bessent: From Hedge Funds to Politics

In recent months, Scott Bessent has established himself as a central figure in the economic policy of the Trump administration. This is no coincidence – the billionaire not only consistently supports cryptocurrencies and Bitcoin but also actively advocates for their integration into the American financial system. In interviews from fall 2024, he did not hide his belief in the synergies between cryptocurrencies and Republican values. Bessent repeatedly emphasizes that Bitcoin represents freedom and individual sovereignty in the economy.

“Cryptocurrency is about freedom, and the crypto-economy will remain here,” Scott Bessent stated in one of his remarks. He also highlights Bitcoin’s ability to attract a new generation of investors, especially young people who have not yet entered traditional markets. Bessent sees digital assets as a tool to rebuild trust in the American capitalist system and engage citizens who feel excluded from traditional finance.

Economic Plan: Deregulation and Energy Dominance

As a future Secretary of the Treasury, Scott Bessent presents an aggressive economic plan based on three pillars. The first is massive deregulation aimed at freeing American companies from unnecessary legal restrictions and administrative burdens. The second element is energy dominance – Bessent believes Donald Trump can make the U.S. a global leader in the energy sector, which would directly impact economic competitiveness. The third component involves privatization – returning many government services to the private sector.

Scott Bessent also plans to work closely with Elon Musk to identify and eliminate government waste and inefficiency. This alliance between a financial leader and tech entrepreneurs signals a changing approach to the role of the state in the economy. It is a strategy designed to create space for innovation, including in the field of cryptography.

The Market Has Clearly Chosen Scott Bessent

Confidence in this choice is evident in speculative markets. According to data from Polymarket, where predictions about future events are traded, Scott Bessent leads with an impressive 88 percent probability as the most likely candidate for the Treasury Secretary position in Trump’s administration. This figure reflects not only political expectations but also the consensus among participants that Bessent’s economic vision aligns with the main direction of Trump’s team.

Market participants clearly signal that Bessent’s nomination signifies credibility and continuity. During Trump’s first term, regulatory environments and political priorities shifted; now it appears that the new Treasury Secretary will promote a consistent and predictable economic strategy supporting innovation.

Implications for the Cryptocurrency Sector

For the U.S. cryptocurrency industry, Bessent’s leadership at the Treasury could be a pivotal turning point. Venture capitalists from top investment firms like Andreessen Horowitz (a16z) believe that a change in regulatory approach will foster the development of new cryptographic products. This will allow companies to experiment with revolutionary solutions that have been previously blocked by strict regulations.

Scott Bessent himself refuses to view cryptocurrencies as anomalies or threats, but rather as a natural part of the evolution of financial markets. If his vision is realized, Bitcoin and other digital assets could become more common tools in the portfolios of both private investors and institutions.

What Bessent’s Nomination Means for Bitcoin

The current price of Bitcoin hovers around $69,000, reflecting market uncertainty. However, the long-term sentiment within the crypto community remains positive, given the promises of the Trump administration regarding the regulatory environment. Donald Trump, during his campaign, declared a friendly stance toward digital assets and aimed to make America a global hub for crypto innovation.

Scott Bessent represents a key element in fulfilling these promises. As someone who understands financial markets and views cryptocurrencies through the lens of economic freedom, he has the potential to create a regulatory framework that supports growth and attracts foreign investment. His role in the coming months and years will be decisive in shaping how the U.S. approach to digital assets develops.

The nomination of Scott Bessent as Treasury Secretary is thus a signal that the Trump administration does not intend to marginalize the crypto industry but rather to integrate it into a broader economic plan. Whether these promises will materialize remains to be seen in the upcoming period of his governance.