Elon Musk has denied reports that he discussed cryptocurrency with Donald Trump, the leading Republican candidate for the 2024 presidential election. In a post on X, his social media platform, Musk stated, “Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do.”
Musk’s denial came in response to a post referencing a Bloomberg report, which claimed that he had advised Trump on cryptocurrency and discussed having the billionaire speak at the upcoming Republican National Convention. The Wall Street Journal later reported that Trump was considering a “possible advisory role” for Musk if he were to win the presidency in the November election.
Alleged Discussions on Economic Policies
According to the Wall Street Journal, Musk and Trump have discussed ways for Musk to have “formal input and influence” over economic and border security policies. Following a meeting with Trump in Florida in March, Musk reportedly intended to use his influence to help defeat President Joe Biden by rallying support from influential allies.
Trump’s Changing Stance on Cryptocurrency
While Trump has previously been skeptical of cryptocurrencies, his stance appears to have evolved. Just before addressing the Libertarian National Convention last week, Trump indicated he was feeling “positive and open-minded” about the crypto industry. He also endorsed clemency for Ross Ulbricht, who is serving a life sentence for creating the Silk Road dark web marketplace.
Meanwhile, President Biden’s re-election campaign has reportedly been reaching out to crypto industry figures for guidance on the “crypto community and policy.” Sources told The Block that there has been a noticeable “shift” in tone from the Biden administration and campaign towards cryptocurrency.
Musk’s Influence on the Crypto Market
Elon Musk, the world’s richest person, has had a significant impact on the cryptocurrency market. In the summer of 2021, his frequent tweets and endorsements of Dogecoin helped the meme coin surge to all-time highs. This past March, Musk announced that Tesla would accept Dogecoin as payment for its automobiles. However, in December 2023, Musk claimed he spends “hardly” any time thinking about cryptocurrency.
