Trump Pledges to Make US “Crypto Capital” in Economic Policy Speech

TLDR:

• Donald Trump vows to make the US the “world capital of crypto and Bitcoin” if elected
• Trump taps Elon Musk to lead a new government efficiency task force
• Trump promises to cut regulations and embrace crypto industry
• Kamala Harris’ campaign now accepting crypto donations via Coinbase
• Bitcoin price down 3% despite Trump’s pro-crypto statements

In a recent speech at the Economic Club of New York, former President and current presidential candidate Donald Trump reiterated his support for the cryptocurrency industry.

Trump declared his intention to make America “the world capital of crypto and Bitcoin” if elected in the upcoming November elections.

Trump emphasized his plan to reduce regulations, pledging to eliminate ten old regulations for every new one introduced.

He stated, “Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin.”

The former president also announced plans to create a government efficiency commission tasked with auditing the entire federal government.

Trump revealed that tech billionaire Elon Musk has agreed to lead this task force if he has the time. Musk later confirmed his willingness to serve “if the opportunity arises,” adding that he would do so without pay, title, or recognition.

This is badly needed https://t.co/H9AKYbDssZ

— Elon Musk (@elonmusk) September 5, 2024

Trump’s pro-crypto stance is part of a broader effort to appeal to crypto voters. His campaign has been actively engaging with the crypto community, accepting cryptocurrency donations and dedicating a section of the GOP 2024 platform to digital assets.

On the Democratic side, Vice President Kamala Harris’ campaign has reportedly begun accepting crypto donations through Coinbase, according to the exchange’s CFO.

However, Harris has not made any public statements about her position on cryptocurrency regulation.

Despite Trump’s positive remarks, the price of Bitcoin fell by 3% in the 24 hours following his speech.

Trader Peter Brandt noted that Bitcoin is currently trading within an inverted expanding triangle pattern, suggesting that a “massive thrust into new all-time highs is required to get this bull market back on track.”

The upcoming presidential election is being closely watched by the crypto industry, with many viewing it as a potential turning point for cryptocurrency regulation in the United States. Fred Krueger, a Bitcoin investor, commented that “what’s at stake isn’t the price of Bitcoin, but its integration into the American financial system.”

As the election draws nearer, both candidates appear to be recognizing the growing importance of crypto voters. Trump currently leads Harris by 7% in the crypto prediction market Polymarket, although Harris had held the lead for much of August.