Elon Musk Refutes Claims of Crypto Discussions with Donald Trump Amid Speculation
Elon Musk has firmly denied any conversations about cryptocurrency policy with presidential candidate Donald Trump. This comes in response to a Bloomberg report that suggested the two had engaged in talks regarding digital assets, as Trump seeks to appeal to a wider voter base by highlighting Bitcoin and other cryptocurrencies during his campaign.
“I’m pretty sure I’ve never discussed crypto with Trump, although I generally support initiatives that transfer power from the government to the people, which is something crypto can achieve,” Musk stated in a post on the X platform.
Trump has actively courted the crypto industry recently with a series of pro-crypto moves. Just last week, he expressed his support for crypto companies, stating that he is “very positive and open-minded.” In addition, he pledged to commute the sentence of Ross Ulbricht, the convicted founder of Silk Road, an online marketplace notorious for illegal drug and hacking tool sales using virtual currencies.
As further evidence of his stance, Trump’s campaign is now accepting cryptocurrency donations. Earlier this month, he also declared that if re-elected, he would put an end to the hostility towards the crypto industry in the US.
Elon Musk’s Impact on the Crypto Market
Elon Musk has not hesitated to use his influence to make waves in the crypto market. He has caused price surges through various methods. Firstly, his social media posts sparked a frenzy around Dogecoin. Secondly, he took his support for meme coins to national television with an appearance on Saturday Night Live where he discussed cryptocurrencies.
But perhaps his most playful tactic was a temporary change on Twitter in April 2023 when he replaced the home button on the app with an image of a Shiba Inu, the same dog breed that serves as the mascot for Dogecoin.
Musk’s Support Could Boost Trump’s Crypto Credibility: Industry Executive
Cuautemoc Weber, CEO of Gateway.fm, a decentralized blockchain infrastructure node provider, acknowledged that while Musk denied discussing crypto policy with Trump, the Tesla CEO would undoubtedly be a valuable ally for the former president. This recognition stems from the understanding that crypto has become a significant electoral concern.
“Trump’s recent public endorsement of Bitcoin and cryptocurrencies represents a significant departure from traditional presidential monetary policies, which aligns with Musk’s ‘anti-establishment’ mindset,” Weber explained. He further stated that Trump recognizes the potential significance of this issue in securing re-election, and partnering with Musk could enhance his appeal to tech-savvy voters by leveraging Musk’s influence to garner support.
“By aligning with a prominent industry figure like Musk, potential Trump-led regulations and policies around cryptocurrencies could gain credibility,” Weber added. “This partnership could certainly resonate with crypto enthusiasts, especially in the context of disrupting the traditional, legacy financial system.”
Follow Us on Google News
