Former President Donald Trump has doubled down on his support for Bitcoin, presenting it as a cornerstone of his future economic policies. During a speech at the Economic Club of New York on September 5, 2024, Trump announced his intent to transform the U.S. into the “world capital of crypto and Bitcoin.” He outlined plans to cut regulations, proposing that for every new federal rule introduced, 10 others would be eliminated. His stance on reducing regulatory barriers aims to foster the growth of the cryptocurrency and tech sectors within the U.S.
Trump has also reiterated his commitment to protecting the country’s current crypto holdings, including the 200,000 Bitcoin held by the U.S. government, and vowed to dismiss SEC Chairman Gary Gensler if he takes office. However, specifics on the kind of regulatory framework he envisions for the crypto industry remain vague.
In addition to his crypto focus, Trump proposed an overhaul of the federal government’s efficiency, announcing that if re-elected, he would establish a task force headed by Elon Musk. This commission would conduct financial audits and performance evaluations to eliminate waste and improve governmental operations. Musk, confirming his willingness to take on this role, remarked that he would accept the position without compensation, a title, or recognition.
Despite the enthusiasm from Trump’s camp, the proposal has faced criticism, especially from union leaders who claim that such reforms could undermine nonpartisan federal workers. This adds another layer to Trump’s 2024 campaign, which already emphasizes deregulation, tax cuts, and reduced government spending.
On the prediction platform Polymarket, Trump has regained his lead over Vice President Kamala Harris. Investors now favor Trump’s handling of key issues, including the economy and immigration, contributing to his growing momentum ahead of the 2024 elections.
