Donald Trump, the former president and Republican presidential candidate, intends to make the USA the global hub for cryptocurrencies. In a speech outlining his economic program, Trump announced his goal of embracing the industries of the future and making America the world capital for crypto and Bitcoin.
As part of his plan, he would appoint Elon Musk, the CEO of Tesla, to lead a commission on government efficiency and initiate significant reforms. This move marks a significant shift in Trump's previous negative stance towards cryptocurrencies, which he once referred to as scams.
In contrast to President Joe Biden's administration, which supports regulating cryptocurrencies, Trump aims to position the USA as a leader in digital payments that bypass traditional banking systems. The presidential election, set for November 5th, will see Trump face off against Democratic candidate Kamala Harris, with Musk supporting Trump's campaign financially.
Trump's proposed policies also involve the reintroduction of tariffs on foreign products to boost domestic production. Economists warn that such tariffs may fuel inflation and increase consumer costs.
However, Trump argues that this approach will reduce the trade deficit and lower inflation rates.
