The new U.S. Secretary of the Treasury

Scott Bessent was born in 1962 in Conway, South Carolina. He graduated from Yale University in 1984. Bessent then began his career at Brown Brothers Harriman, a financial firm, before moving to Kynikos Associates. In 1991, Bessent became a partner at Soros Fund Management.

According to Coindesk sources, Bessent played an important role in a large-scale Soros Fund Management deal – financier George Soros’ bet on the fall of the British pound sterling then helped to earn more than one billion dollars, and Bessent participated in it.

In addition, he approved the idea of creating a national cryptocurrency fund to acquire BTC. Recall, we are talking about the acquisition of a million bitcoins by the US government, which will then remain immobile for at least twenty years. The only exception would be operations to repay the U.S. government debt.

The next US Treasury Secretary is Scott Bessent

After leaving Soros Fund Management in 2000, Bessent founded a billion-dollar 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 same year, he founded Key Square Group, a global investment firm.

Scott Bessent is now an outspoken advocate of cryptocurrencies, believing them to be an integral part of the future of finance. In particular, he has expressed optimism about the role of digital assets in promoting financial freedom and innovation. Here’s a quote on the subject from his interview with Fox Business in July.

I was thrilled with Trump’s embrace of cryptocurrencies. I think they fit very well with the Republican Party’s strategy and ethics. Cryptocurrencies are freedom and the crypto economy is going nowhere. Digital assets attract young people, that is, people who have not yet participated in the financial markets.

Scott Bessent is a likely candidate for U.S. Treasury Secretary

Bessent’s position in favour of cryptocurrencies is in line with the interest of the Republican administration, which is why he was put forward by experts as one of the most likely candidates for the position of Treasury Secretary just a few weeks ago.

Moreover, Bessent had previously supported both Democratic and Republican candidates in previous presidential elections. In 2000, he organised a fundraiser for Vice President Al Gore’s presidential campaign. During the 2024 campaign, Bessent became a major contributor and advisor to Trump, donating more than $2 million and providing economic policy advice.

Note that Bessent’s nomination still needs to be confirmed by the Senate. If confirmed, he will be responsible for implementing the administration’s economic programme, including tax reforms and digital asset-related policies. His extensive experience in finance and investment is expected to influence the Treasury Department’s approach to emerging technologies.

😈 MORE INTERESTING STUFF FROM US AT YANDEX.ZEN!

The combination of positive factors in the US and globally makes the goal of $180,000 per 1 BTC quite realistic during the current growth phase of the industry. Such an opinion was shared by the founder of the TYMIO platform George Verbitsky – his commentary leads Cointelegraph.

Bitcoin’s price could double during this bull cycle and has the potential to reach the $180,000 threshold. It will take some time to get there. We may see this level closer to the end of 2025. The peak of this cycle could reach much higher levels within the next two years.

BTC bitcoin volume falling on exchanges

However, Verbitsky warned that traders must manage risk properly. This requires diversifying their positions, executing trades with limit orders and using options to hedge against volatility spikes, i.e. sudden changes in coin rates.

The TYMIO founder also predicted that the April halving would eventually cause a Bitcoin supply shock. In other words, due to the reduction of available coins on exchanges, at some point the demand for the cryptocurrency will lead to a sharp rise in the value of BTC. Here’s the line.

Bitcoin is becoming increasingly rare because fewer coins are mined each year, plus many are lost over time due to forgotten passwords and lost wallets. This creates the potential for a supply shock, where demand far exceeds the actual availability of the asset. Under such conditions, the price can rise quickly, leading to increased volatility.


Note that BTC mining rates drop by 50 per cent during so-called halving roughly every four years, rather than every year. At the same time, the cryptocurrency itself does not become rarer, as its supply does not decrease. It is only new coins that become rarer after halving.


Impact of Bitcoin halving on miners

Be that as it may, in June 2024, BTC reserves hit a new low for the previous three years. This signals that investors are withdrawing the crypto en masse for its long-term storage, expecting the bullrun to continue.


The conditions for further growth in the cryptocurrency market now seem excellent. If the US really approves modern rules for regulating digital assets, the situation in the niche will change for the better. And there will be even more investors here.


Look for more interesting things in our crypto chat. There we will discuss other important news related to blockchain, coins and the current bullrun.

SUBSCRIBE TO OUR CHANNEL IN TELEGRAM TO KEEP UP TO DATE.