The Trump administration will maintain a strong dollar policy in line with long-standing U.S. economic goals, according to Trump economic advisor Scott Bessent.
Trump's Possible Presidency Will Support Strong Dollar, Economic Adviser Says
Speaking to the Financial Times on Sunday, Bessent downplayed fears that a potential Trump presidency would deliberately devalue the dollar, suggesting instead that sound economic policies would support a naturally resilient dollar.
Dollar Strength and Crypto Market Outlook
The commitment to a strong dollar could spell trouble for the crypto market, especially Bitcoin (BTC), which has often struggled against a strong U.S. dollar. Despite Trump’s pro-crypto stance, a stronger dollar could cap gains in dollar-denominated assets, including cryptocurrencies.
“Currency values fluctuate with the market,” Bessent explained. “If you have good economic policies, a strong dollar will naturally follow.” He clarified, however, that his comments did not represent Trump’s official position.
Trump and his running mate JD Vance have previously advocated a weaker dollar to boost manufacturing in the U.S. But Bessent suggested the Trump administration would not deliberately devalue the dollar and ensure it remained the global reserve currency.
Trump Gains Ground in Election Race
Kamala Harris is reportedly losing ground to Trump as Election Day on November 5th rapidly approaches, according to prediction markets Polymarket. Trump’s potential return to the White House has been welcomed by crypto advocates, given his positive stance on digital assets.
Bessent in Eyes for Treasury Secretary Role
Bessent, who founded Key Square Group and previously served as chief investment officer at George Soros’ family office, is reportedly on Trump’s shortlist of Treasury Secretary candidates. Trump recently praised Bessent, calling him “one of the brightest men on Wall Street.”
*This is not investment advice.
