Washington | Donald Trump chose hedge fund manager and cryptocurrency enthusiast Scott Bessent to be his US Treasury secretary, enlisting a key adviser to manage the sweeping economic agenda he has vowed to enact in a second term.

Mr Bessent, chief executive of Key Square Group, won the top job after the president-elect overlooked advice from influential billionaire Elon Musk, who publicly supported an alternative candidate. The move is likely to reassure markets after Trump made a series of controversial picks for other plum cabinet posts.