Donald Trump Pledges to Make US the Global Crypto Capital
In a recent address at the Economic Club of New York, former President and current presidential candidate Donald Trump reaffirmed his commitment to the cryptocurrency industry.
If elected this year, Trump promised to position America as the “world capital of crypto and Bitcoin.”
Emphasizing his agenda to decrease regulations, Trump vowed to eliminate ten outdated regulations for every new one enacted.
He asserted, “Instead of opposing future industries, we will embrace them, including establishing America as the global center for crypto and Bitcoin.”
Additionally, Trump unveiled plans to establish a government efficiency commission tasked with reviewing the entire federal government.
Elon Musk to Lead Government Efficiency Task Force
Trump revealed that Elon Musk, a prominent tech billionaire, has agreed to lead this task force if he can spare the time. Musk confirmed his readiness to serve “if the opportunity arises,” stating that he would do so without compensation, title, or acknowledgment.
As part of a broader strategy to appeal to crypto voters, Trump’s campaign has actively engaged with the crypto community. They are accepting cryptocurrency donations and have carved out a section of the GOP 2024 platform dedicated to digital assets.
On the Democratic front, Vice President Kamala Harris’ campaign has reportedly started accepting crypto donations through Coinbase, according to the exchange’s CFO.
Market Reaction and Industry Impact
Despite Trump’s favorable comments, Bitcoin is currently experiencing a 3% decline in price. Peter Brandt, a trader, pointed out that Bitcoin is trading within an inverted expanding triangle pattern, hinting that a “massive thrust into new all-time highs is necessary to revive this bull market.”
The upcoming presidential election has become a focal point for the crypto industry, as it could potentially shape cryptocurrency regulation in the United States. Bitcoin investor Fred Krueger emphasized that “the stakes are not just the price of Bitcoin but its integration into the American financial system.”
Recognizing the Crypto Electorate
Both candidates are acknowledging the growing significance of crypto voters as the election approaches. Trump is currently leading Harris by 7% in the crypto prediction market Polymarket, after Harris held the lead for a significant portion of August.
Sources: Economic Club of New York, Coinbase
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