Scott Bessent, a billionaire hedge fund manager, has caught the crypto community’s attention with his bold move.
Bessent, nominated as the next U.S. Treasury Secretary, recently sold his Bitcoin Exchange Traded Funds (ETF) shares. Bessent’s actions highlight how digital assets are increasingly becoming a part of political and financial conversations in the United States.
A New Role and a Shift in Investments
Bessent’s move is a small part of his much larger financial portfolio, which includes over $500 billion in assets. He owns a modest $500,000 shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
However, his decision to divest is part of a bigger shift as he prepares to step into his new government role. Despite his limited involvement in the crypto world, this divestment highlights his approach to financial management.
It also signals his shift in focus as he transitions into the Treasury Secretary role. As part of his confirmation process, Bessent will also part ways with Key Square Group, the Connecticut-based hedge fund he co-founded in 2015.
Scott Bessent: A Crypto-Friendly Pick for Treasury Secretary
Although Bessent’s Bitcoin holdings will decrease, his portfolio still has a lot of other assets. Bessent holds significant investments in traditional assets like the SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and Invesco S&P 500 Equal Weight ETF (RSP).
He also has smaller investments in precious metals ETFs like the iShares Gold Trust (IAU), iShares Silver Trust (SLV), and SPDR Gold Shares (GLD). These investments reflect his focus on stable, well-established financial vehicles.
Bessent’s nomination for Treasury Secretary has caught attention, especially because he is positive about crypto assets. In a July interview with Fox Business, he talked enthusiastically about crypto, calling it a symbol of freedom and saying it is here to stay.
Bessent’s support for crypto reflects its growing acceptance, setting him apart in a government still learning about digital currencies.
Other Politicians Getting into Crypto
While Scott Bessent is stepping away from Bitcoin (BTC), other major figures, like former President Donald Trump, are diving deeper into crypto assets. Trump has become the first president-elect to hold several memecoins, including TROG and GUA.
The incoming president’s involvement shows how crypto is becoming an important part of modern political culture. Additionally, several lawmakers, including Senator Cynthia Lummis from Wyoming, have been open about their support for digital assets.
Lummis has long been a supporter of Bitcoin and has pushed for clear rules on how crypto should be regulated in the U.S. Similarly; Representative Tom Emmer has introduced bills that encourage the growth of the crypto market.
