President-elect Donald Trump has tapped billionaire hedge fund manager and investor Scott Bessent to serve as Secretary of the Treasury, according to multiple reports.

Bessent is billed as a crypto-currency enthusiast and an advocate of deregulation. He will also be a key figure in using America's economic power to support its diplomatic priorities.

He has advocated for his version of Japan's "three arrows" plan as a focus for economic revitalization: 3% real growth, a deficit of 3% or GDP, and "3 million more oil barrels flowing a day from U.S. energy production."

Following the trend set in other announcements this week, Bessent has been a Trump loyalist since his first term despite being an Al Gore fundraiser in 2000 and one of George Soros's inner circle. 

Bessent in a known quantity on Wall Street and has Trump's trust. Those qualities, in combination, promise a swift end to the stagflation of Bidenomics.