President-elect Donald Trump’s leading pick for US Treasury Secretary Scott Bessent can trigger a Bitcoin rally towards $100K and higher. The odds of prominent investor Bessent becoming Treasury Secretary rose to 87%. BTC price approaches $90K today amid the ‘Trump trade’ as positive sentiment continue to increase in the crypto market.
Trump to Nominate Scott Bessent As US Treasury Secretary
Scott Bessent, founder of hedge fund manager Key Square Group, will likely become the next US Treasury Secretary. The odds of Donald Trump nominating Bessent as Treasury Secretary have soared to 87% today, as per Polymarket data.
US Department of Treasury chief will be picked this week, and pro-crypto Scott Bessent is the leading candidate for the position. It’s important to note that he was the top fundraiser for Trump’s presidential campaigns. His nomination can trigger a further rally in BTC price. Donald Trump building a pro-crypto administration.
Other potential candidates for the US Treasury Secretary position are John Paulson, Robert Lighthizer, and Howard Lutnick. Recently, former Treasury Secretary Steven Mnuchin and JPMorgan CEO Jamie Dimon denied joining the Trump administration.
Bitcoin On Rally Amid Speculation Surrounding Scott Bessent
Bitcoin records a spectacular rally of over 30% since Donald Trump’s election win. It now approaches $90K amid Trump trade and BTC price can hit $100K soon if Scott Bessent is nominated as Treasury Secretary.
Bessent is very pro-crypto, particularly pro-Bitcoin. His recent statements on Bitcoin and crypto reflect a bright future for the crypto industry in the United States.
“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”
Matthew Sigel, head of digital asset research at VanEck, thinks a new all-time high is on the cards, saying Bessent is “groundbreaking choice to appoint a Financial Chief free from Fiat Fidelity.”
Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.
Some recent statements:
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…
— Eleanor Terrett (@EleanorTerrett) November 12, 2024
BTC Price Performance
Bitcoin price today jumped over 10% in the past 24 hours as it is still undervalued, with the price currently trading at $86,098. The 24-hour low and high are $80,818 and $89,859, respectively. Furthermore, the trading volume has shot up by 82% in the last 24 hours, indicating a massive interest among traders.
BTC futures open interest continues to hit new ATH, as per Coinglass data. Total BTC future open interest climbed 4% in 4 hours and 11% in 24-hour. The 607.56K BTC futures OI are now valued at $54.50 billion, signals support for a further upside move in BTC price.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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