President-elect Donald Trump has nominated Scott Bessent, a prominent hedge fund manager known for his pro-cryptocurrency stance, to serve as the next Secretary of the Treasury, multiple news outlets reported late Friday.

Bessent, founder of Key Square Group, has been a significant economic adviser to Trump’s campaign and is expected to play a pivotal role in shaping the administration’s economic policies. Among other things, he’s an ardent supporter of Trump’s plan to create a strategic Bitcoin Reserve.

Born in 1962 in Conway, South Carolina, Scott Bessent graduated from Yale University in 1984. He began his career in finance at Brown Brothers Harriman and later joined Kynikos Associates. In 1991, Bessent became a partner at Soros Fund Management, where he played a key role in the firm’s notable wager against the British pound.

After leaving Soros Fund Management in 2000, Bessent founded a $1 billion hedge fund, which he managed until 2005. He also served as a senior investment advisor at Protégé Partners. In 2011, Bessent returned to Soros Fund Management as Chief Investment Officer, a position he held until 2015. That year, he established Key Square Group, a global macro investment firm.

Pro-Cryptocurrency Advocacy

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Author: Jason Nelson