Summary
- Nominee Besant is reported to hold a diverse portfolio, including Bitcoin ETF and Chinese Yuan investments.
- He is in the process of selling investments to avoid potential conflicts of interest in the new administration.
- He has consistently invested in and shorted the strong dollar and decline of the Chinese Yuan.
Bloomberg Report "Submitted Asset Disclosure Over $700 Million"
Hedge Fund Keith Square Group Founder... "Past Bitcoin ETF and Yuan Investments"
Scott Besant, the nominee for the first Treasury Secretary of the Trump 2nd administration, has been revealed to hold assets exceeding $700 million (approximately 1 trillion KRW). A former hedge fund manager and founder of Keith Square Group, nominee Besant is set to become the top economic commander of the Trump 2nd administration, which launches on the 20th (local time).
On the 12th, Bloomberg reported that nominee Besant submitted an asset disclosure indicating he holds assets exceeding $700 million ahead of his confirmation hearing.
Nominee Besant owns farmland in North Dakota worth $25 million (approximately 36.8 billion KRW) and real estate in the Bahamas worth $25 million. Previously, he listed a mansion in South Carolina for sale at $22.5 million (approximately 33.1 billion KRW) last November.
Bloomberg also reported that nominee Besant is selling investments that pose a conflict of interest risk while serving as Secretary, such as Bitcoin Exchange-Traded Funds (ETFs), Chinese Yuan trading accounts, and shares in the conservative publisher All Seasons. According to U.S. regulations, secretaries must dispose of certain shares and investments to avoid potential conflicts of interest.
He is also reported to hold over $100 million (approximately 147.4 billion KRW) in U.S. Treasury bonds.
According to Bloomberg, nominee Besant has long bet on a strong dollar and has invested in or shorted the Chinese Yuan's value decline.
In the Trump 2nd administration, nominee Besant will be responsible for universal tariff policies, large-scale tax cuts, and coordinating relations with the U.S. Federal Reserve (Fed).
He is a supporter of President-elect Trump's economic policies, such as the introduction of universal tariffs and the easing of cryptocurrency regulations. He has suggested the need to apply universal tariffs differentially by country and item. Regarding the Joe Biden administration's Inflation Reduction Act (IRA), he has critically assessed it as "a ruinous machine that calls for deficits and provides distorted incentives."
Oh Jung-min Hankyung.com Reporter blooming@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
