Elon Musk Denies Crypto Talks With Trump, Advocates for Decentralization

Elon Musk has denied having any discussions with Donald Trump about cryptocurrency. Musk took to X, the social media platform he owns, to clarify that he never talked about crypto with Trump. The community was led to believe that the two have been discussing crypto policy.

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Two hours ago, Bloomberg reported that Trump and Musk are discussing cryptocurrency as part of Trump’s strategy to appeal to crypto enthusiasts as he campaigns for a second term. According to an anonymous source, Trump campaign officials have also considered inviting Musk to speak at the Republican convention, although no formal invitation has been made.

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— Elon Musk (@elonmusk) May 30, 2024

Musk’s Political Influence Is Growing

Musk has become a major player in Washington, with his companies holding federal contracts and frequently clashing with government regulations. His influence in American politics is evident as Trump’s team looks to leverage his insights into cryptocurrency.

Reports indicate that Trump and Musk have discussed the possibility of the SpaceX and Tesla founder taking on a broad advisory role if Trump wins another term. The Wall Street Journal was the first to report on these talks. He has also reportedly been in touch with Trump allies about electric vehicles and the space program, which are important to Musk’s Tesla and SpaceX.

Also Read: Elon Musk’s xAI Rockets Toward $18B Valuation

Musk and Trump have communicated more frequently as the campaign seeks the former’s insights on cryptocurrency. In March, the billionaire attended a donor event for Trump but later clarified that he did not intend to donate to either Trump or President Joe Biden.

Musk has a history of influencing cryptocurrency markets. His social media posts have impacted the prices of meme coins, and his appearance on Saturday Night Live featured a segment about crypto. In April 2023, he even replaced the home button on X with an image of a Shiba Inu, the dog breed associated with Dogecoin.

Trump Has a Newfound Love for Crypto

Trump’s recent statements show a clear pivot towards supporting cryptocurrency. He has made several pro-crypto overtures to voters. Last week, Trump posted on social media that he is “very positive and open-minded to cryptocurrency companies.”

He also pledged at a Libertarian Party convention to commute the sentence of Ross Ulbricht, the convicted founder of the Silk Road online marketplace. The platform used virtual currencies to facilitate illegal drug sales and hacker tools. Additionally, Trump’s campaign has started accepting crypto donations.

Also read: Silk Road Founder Marks 10 Years in Prison Amidst Calls for Clemency

Trump’s newfound support for cryptocurrency could attract backing from industry political action committees. These committees are raising millions to support candidates who favor digital currencies. Musk and Trump share a complicated history.

Musk resigned from two White House advisory councils during Trump’s presidency after Trump decided to withdraw the US from the Paris climate agreement. Despite this, the eccentric billionaire announced in 2022 that he would no longer support Democrats, criticizing them as the party of “division and hate,” and stated he would vote Republican.

Cryptopolita reporting by Jai Hamid