During a meeting with South Korean Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun, Bessent discussed finding a new equilibrium on tariffs to encourage rather than restrict trade. The Treasury emphasized that talks focused on creating an “expanded equilibrium” to boost trade between the allies.

India Close To Securing Trade Deal With US

Meanwhile, Scott Bessent said India could be among the first countries to finalize a new trade deal with the U.S., avoiding President Trump’s suite of “reciprocal” tariffs. Speaking at the World Bank and IMF Spring Meetings, Bessent noted that India’s lower tariffs and minimal trade barriers made negotiations easier.

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U.S. Vice President JD Vance and Indian Prime Minister Narendra Modi announced a roadmap on Tuesday to advance trade talks, with a 26% tariff potentially coming into effect in July if no deal is reached.

Talks With China Stalled

Bessent also revealed that trade talks with China have stalled. With tariff rates on Chinese imports exceeding 145%, Bessent emphasized that both sides see these levels as unsustainable. However, he insisted that the U.S. would not unilaterally reduce duties.

Bessent added that the U.S. is continuing negotiations with 15 major trading partners aside from China, including Japan, South Korea, Vietnam, and the United Kingdom.

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“Bitcoiners realized early that the numbers were wrong — and they built a strategy to profit if they were right,” Pompliano said in a post on X.,

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He criticized Wall Street’s reliance on government stats like inflation, jobs, and GDP, and noted that even Treasury Secretary Scott Bessent admitted he doesn’t trust the data anymore.

Is Bitcoin Overtaking the Dollar?

Rising fears around Trump-era tariffs are shaking confidence in the U.S. economy. Some analysts believe Bitcoin now has a better survival outlook than the U.S. dollar.

Bitwise’s Jeff Parks recently said, “There’s a higher chance Bitcoin outlives the dollar in our lifetime.” Meanwhile, the U.S. dollar index has dropped over 8% in 2025, while Bitcoin surged to over $84,000.

Pompliano concluded: “Most finance conversations today are just regurgitated takes based on bad data. Bitcoiners are ahead of the curve.”

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Scott Bessent: A Brief Overview

At 62, Bessent is a seasoned financial expert, having cofounded Key Square Capital Management in 2015. Prior to that, he served as Chief Investment Officer at Soros Capital Management from 2011 to 2015, working closely with George Soros.

Bessent, a major fundraiser for Trump’s campaign, would become the first openly gay Treasury Secretary if confirmed by the Senate.

Bessent has expressed positive views about cryptocurrency. In July, he told Fox Business, “I’m excited about the president’s embrace of crypto. It aligns well with the Republican Party’s principles. Crypto is about freedom, and the crypto economy is here to stay.”

He also highlighted Bitcoin’s appeal to young investors, particularly in the wake of the 2007-2009 financial crisis, stating, “Everything is on the table with Bitcoin.”

Trump’s Pro-Crypto Cabinet

Trump, who has embraced cryptocurrency since 2024, recently met with Coinbase CEO Brian Armstrong to discuss personnel appointments.

Other crypto-friendly appointees include:

• Robert F. Kennedy Jr. for Secretary of Health and Human Services,
• Pete Hegseth for Secretary of Defense,
• Bitcoin supporter and Cantor Fitzgerald CEO Howard Lutnick (reportedly) for Secretary of Commerce,
• Former Bakkt CEO Kelly Loeffler for Secretary of Agriculture.

Introducing the “DOGE” Department

Trump also announced the creation of the Department of Government Efficiency (DOGE). Led by Elon Musk and Vivek Ramaswamy, this department aims to reduce bureaucracy, eliminate excessive regulations, cut wasteful spending, and restructure federal agencies.

Bessent’s nomination reflects Trump’s commitment to pro-crypto policies, signaling a significant shift in the U.S. government’s approach to the digital asset industry.

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On November 11, Fox Business journalist Eleanor Terrett posted on social media, highlighting that Bessent holds a “very friendly” stance on cryptocurrencies. Bessent is reportedly in favor of Trump’s plan to make the US the “crypto capital of the world.” His statement, “Crypto means freedom, and the crypto economy is here to stay,” has stirred significant interest in the crypto community.

Bessent emphasized that one of the most exciting aspects of Bitcoin is its ability to bring young people and those who have not previously participated in financial markets into the fold. He said: “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.”

Trump, in his search for a Treasury Secretary, recently met with Bessent and another investor, John Paulson, on November 8. Both Bessent and Paulson have long supported Trump’s presidential campaign financially, making them prominent candidates for this position. According to Reuters, Trump wanted Paulson to be appointed as Treasury Secretary, but if that did not work out, he would likely choose Bessent.

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Paulson, who served as an economic advisor to Trump during his 2016 campaign, has previously expressed skepticism about cryptocurrencies. In 2021, he criticized Bitcoin and other cryptocurrencies, stating they have “no intrinsic value” and expressing concerns about their volatility compared to traditional markets. In contrast, Trump himself had also criticized Bitcoin, calling it a “scam” and “just another currency competing with the US dollar.” However, during his 2024 campaign, Trump has embraced a more pro-crypto stance, declaring that “Crypto is the future.”

Once in office, Trump will not only need to appoint a new Treasury Secretary but also select officials for key financial institutions such as the US Securities and Exchange Commission (SEC). According to the Washington Post, potential candidates for SEC chair include Daniel Gallagher, Hester Peirce, and Mark Uyeda.

The crypto world is eagerly waiting to see which figures Trump will work with in his second term and how their influence will shape the crypto economy moving forward.

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