On September 5, former US President Trump once again expressed his support for Bitcoin and the broader cryptocurrency industry in a speech at the Economic Club of New York.
In his speech, Trump shared his vision for the country's economic revival and emphasized that his economic policies would support the development of emerging technologies and industries through clear regulations rather than suppress them.
He mentioned that his goal is to make the United States the global hub for cryptocurrency and Bitcoin.
Trump also mentioned that his government would adopt a "one in, ten out" strategy, that is, for every new regulation introduced, ten old regulations would be repealed, in order to reduce unnecessary federal regulation and promote industrial development.
While Trump did not detail in his speech what specific rules he intends to establish for cryptocurrencies, he has previously said his administration will not sell the roughly 200,000 bitcoins held by the United States.
He also promised that if re-elected, he would fire Securities and Exchange Commission (SEC) Chairman Gary Gensler on his first day in office.
Trump also revealed that if he wins the November election, he intends to set up a government commission led by Musk, the founder of Tesla and SpaceX.
The commission's task is to conduct a comprehensive audit of the federal government's finances and performance, identify areas of waste and recommend drastic reforms to improve efficiency.
Trump also promised that the panel led by Musk would weed out fraud and improper payments in the government within six months of its establishment.
Trump's recent promise to simplify government has added a new dimension to his 2024 campaign, which focuses on tax cuts, deregulating energy production and reducing government spending.
Musk said on social media that he would be willing to accept a position offered by Trump if he is re-elected. He said he would be happy to serve the United States if given the opportunity and would not require any compensation, title or recognition.
However, Trump's proposal has also been criticized by some union leaders, who accused Trump of trying to weaken nonpartisan federal workers.
On cryptocurrency asset prediction platform Polymarket, Trump’s support rate surpassed that of Vice President Kamala Harris, accounting for 53% of the market share, while Harris only had 46%.
The change marks an important shift in momentum as investors and political observers begin to reassess the prospects for Trump, who briefly fell behind Harris in the previous weeks.
Trump's recent resurgence in popularity is partly due to growing confidence in his ability to handle big issues such as the economy and immigration.
