Trump Reiterates Support for Bitcoin,’ Taps Musk to Lead Government Efficiency Panel

Highlights:

• Trump reiterated support for Bitcoin, aiming to make the US crypto hub.
• His proposed efficiency commission, led by Musk, aims to tackle government waste.
• Trump’s recent lead on Polymarket reflects shifting investor confidence in his policies.

On September 5, United States presidential candidate Donald Trump reiterated his support for Bitcoin (BTC) and the broader crypto industry during a speech at the Economic Club of New York. Trump outlined a vision for a “national economic renaissance,” stating that his economic policies would support emerging technologies and industries through clear regulations rather than restricting them.

He added:

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

Trump said his administration would cut 10 regulations for every new one enacted to reduce federal oversight and boost industry growth within the US. He did not specify the regulations his administration would implement for crypto during the speech but has previously promised that the US would never sell its approximately 200,000 Bitcoin.

WATCH: President Trump pledges to eliminate at least 10 old regulations for every new one, embrace new industries like crypto and Bitcoin pic.twitter.com/TPgtPIr2do

— RSBN 🇺🇸 (@RSBNetwork) September 5, 2024

He also pledged to “fire” SEC Chair Gary Gensler on his first day in office. Trump’s speech follows days after his family teased a DeFi project, World Liberty Financial, which will be built on Aave, the popular Ethereum-based lending platform.

Trump Plans “Government Efficiency” Commission Led by Musk

Trump also announced plans to create a “government efficiency” commission, to be led by Tesla and SpaceX founder Elon Musk, if he wins re-election in November. The commission would perform a comprehensive financial and performance audit of the federal government, pinpointing waste and suggesting “drastic reforms” to address inefficiencies. Trump pledged that the Musk-led panel would eliminate fraud and improper payments within six months of its formation.

Musk supported this view in a post on X on Sept. 6, noting that such changes are crucial and could unlock tremendous prosperity for America.

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

— Elon Musk (@elonmusk) September 5, 2024

Musk has agreed to lead the task force if his schedule allows, Trump added, noting he would be a great fit for the role.

Further, Trump said:

“Elon, because he is not very busy, has agreed to head that task force. If he has the time he’s a good one to do it and he has agreed to do it.”

Trump Regains Lead Over Harris on Polymarket

Trump has reclaimed his lead over VP Kamala Harris on the crypto prediction platform Polymarket, now holding 53% of the market share compared to Harris’ 46%.

This shift signifies a significant change in momentum as investors and political analysts adjust their expectations to favor Trump, who had temporarily trailed behind Harris in recent weeks. His comeback results from growing market confidence in his management of key issues such as the economy and immigration.

Russian-American computer scientist and podcaster Lex Fridman expressed hope that the winner, whether Harris or Trump, would accept the offer to enhance government efficiency. He stated that one of the commission’s first tasks will be to develop an “action plan to totally eliminate fraud and improper payments within six months.”