In a recent address to the Economic Club of New York, Donald Trump, the Republican presidential candidate, pledged to make the U.S. the “world capital of crypto and Bitcoin.” Trump’s vision for America as a leader in digital assets is a sharp shift from his earlier stance on cryptocurrency.
Trump also revealed plans to create a government efficiency commission, proposed by Tesla CEO Elon Musk. The commission would audit the federal government’s finances and performance to recommend sweeping reforms. “We need to do it,” Trump declared, emphasizing the importance of eliminating wasteful spending.
Musk responded to Trump’s remarks with support, stating that such an initiative could “unlock tremendous prosperity for America.” According to Trump, taxpayer losses due to fraud and improper payments amounted to “hundreds of billions of dollars” in 2022. He proposed that the new commission, with Musk at the helm, would eliminate these issues within six months, saving trillions of dollars.
Trump humorously noted that Musk, despite managing multiple companies including Tesla, SpaceX, and X (formerly Twitter), was “not very busy” and would be the perfect candidate to lead this task force. The move reflects Musk’s recent backing of Trump, a gesture the former president acknowledged with appreciation.
Additionally, Trump committed to slashing government regulations, promising to remove at least ten outdated rules for every new one introduced. He assured that his administration would support emerging industries, including cryptocurrency, to foster innovation and growth.
Trump’s newfound enthusiasm for digital currencies marks a significant evolution from his earlier views, aligning his political comeback with the booming crypto industry.