Trump reiterates support for Bitcoin, picks Musk to lead government overhaul

Trump vows to slash regulations and make America the "world capital of Bitcoin."

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Former President Donald Trump reiterated his support for Bitcoin and the wider crypto industry during a speech at the Economic Club of New York on Sept. 5

During his speech, Trump outlined a broader vision for a “national economic renaissance” and said his economic policies would foster emerging technologies and industries via clear regulations rather than stifling them.

He added:

“We will make America the world capital of crypto and Bitcoin.”

Trump said his administration would eliminate 10 regulations for each new regulation they enact to reduce the bloated federal supervision and promote the growth of industries within US borders.

Trump did not detail the type of rules his administration would enact for crypto during the speech but has previously vowed to ensure that the US would never sell the roughly 200,000 Bitcoin it holds. He also pledged to “fire” SEC chair Gary Gensler on day one of taking office.

Musk to lead efficiency task force

Trump also revealed plans to establish a “government efficiency” commission led by Tesla and SpaceX founder Elon Musk if he wins re-election in November.

The commission would conduct a full financial and performance audit of the federal government, identifying areas of waste and recommending “drastic reforms” to cut inefficiencies. He pledged that the Musk-led panel would eliminate fraud and improper payments within six months of being established.

Trump’s promise to streamline government operations adds a new element to his 2024 campaign platform, which has largely focused on cutting taxes, deregulating energy production, and reducing government spending.

Musk confirmed on social media that he would accept the role if Trump is re-elected, saying:

“I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”

However, the proposal has drawn criticism, with union leaders accusing Trump of seeking to undermine nonpartisan federal workers.

Trump regains Polymarket lead

Trump has regained his lead over Vice President Kamala Harris on crypto prediction platform Polymarket, holding 53% of the market share compared to Harris’ 46%.

The shift marks a key momentum change as investors and political watchers realign their expectations in favor of Trump, who had briefly fallen behind Harris in previous weeks. However, his recent resurgence is attributed to growing market confidence in his handling of major issues such as the economy and immigration.

Polymarket participants overwhelmingly back Trump on economic issues, with 53% betting he will manage the economy better compared to 44% for Harris. His lead is even wider on immigration, where he commands 56% of the market’s sentiment, outpacing Harris’ 42%.

The shift in perception comes after weeks of public appearances by the former President, which included rallies, interviews, speeches, and even spots on alternative media platforms like podcasts with Lex Fridman and an interview with streamer Adin Ross.

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