Elon Musk has refuted rumors of discussing cryptocurrencies with Donald Trump, the frontrunner for the 2024 Republican presidential nomination, despite ongoing speculation and reports indicating otherwise.
In a post on X (formerly Twitter), 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.”
This comes in response to a Bloomberg report suggesting that Musk advised Trump on crypto-related matters and the possibility of speaking at the upcoming Republican National Convention with Trump.
Trump has been increasingly promoting Bitcoin and other digital assets during his campaign, seeing them as a way to attract new voters. His crypto holdings have surpassed $10 million, with the MAGA token recently hitting an all-time high of $15.4.
Reports have also surfaced about Trump considering an advisory role for Musk if he were to win the November election, indicating a shift from their previous tense relationship to engaging in discussions about policy ideas, including immigration and potentially crypto.
Musk has announced that he will not be contributing to either presidential campaign but has reportedly informed Trump of his plans to hold events discouraging wealthy supporters from backing Joe Biden in November.
The relationship between Musk and Trump is significant for the crypto market, as their influence could shape public attitudes towards digital currencies, impact investor sentiment, and influence future regulatory policies, ultimately affecting the broader adoption and stability of cryptocurrencies.