Republican candidate for the United States presidency, Donald Trump, has once again aligned himself with the crypto market. On Thursday (October 5), during a speech at the Economic Club of New York, he expressed his desire to make the U.S. the “global capital of cryptocurrencies and Bitcoin.”
Additionally, Trump stated that he would follow a suggestion from Tesla’s CEO and X owner, Elon Musk:
““I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms. We need to do this; we can’t continue as we are now.”
After the speech, Musk posted a comment on X (formerly Twitter) agreeing with Trump: “This would bring immense prosperity to the United States.”
Trump had mentioned this idea before, but the speech on Thursday marked the first public occasion where he endorsed the proposal.
Musk has already accepted to lead the commission
During his speech, Trump mentioned that in 2022, fraud and improper payments cost taxpayers “hundreds of billions” of dollars. The first task of the commission would be to develop an action plan to eliminate these irregularities.
Trump also said he would accomplish this in six months, claiming it would save “trillions of dollars. For the services we have now, trillions are wasted, and no one knows where the money goes.”
The commission would be led by Musk, who suggested the idea. According to Trump, the South African billionaire has already accepted the offer. Trump joked that Musk, who currently heads five companies, isn’t too busy to take the position.
Musk responded on X that he is “eager” to serve the U.S. if the opportunity arises and added that “no payment, title, or recognition” is necessary.
Musk had previously mentioned in a podcast on August 19 that he had discussed the matter with Trump. He also suggested lowering the corporate tax rate to 15%, applicable to companies that manufacture their products in the U.S.
More promises from Trump
The Republican candidate also made other proposals for the crypto market if elected in November. For instance, he promised to reduce regulations, stating that he would eliminate at least 10 old regulations for every new one introduced. He concluded with a positive remark:
“Instead of attacking the sectors of the future, we will embrace them.”
Additionally, Trump supported protectionist measures, such as imposing tariffs of 10% to 20% on imports, with even higher taxes on goods from China. Economists have already criticized these policies.
Focus on economic issues
In Thursday’s speech, Trump emphasized economic issues, making it clear that his economic policies would differ from those of his Democratic opponent, Kamala Harris.
Trump is capitalizing on public dissatisfaction with inflation and the cost of living under the Biden administration. According to an average of polls compiled by RealClearPolling, 58.6% of Americans disapprove of Biden’s handling of the economy.
A public poll from NPR also revealed that 51% of voters believe Trump would handle economic issues better, while 48% think Kamala would be more capable.
While Trump was speaking in New York, the Democratic candidate landed in Pennsylvania, likely to be the most decisive state in the November election. Trump had visited Pennsylvania just the day before.
Kamala will be based in Pennsylvania for the first debate between the two candidates on October 10. The debate will take place in Philadelphia, be broadcast by ABC, and last 90 minutes. Both candidates will stand without notes or an audience.
Currently, the race is tight, with many bettors favoring Trump, though Kamala continues to lead in the polls.
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
