Elon Musk Refutes Crypto Talks with Donald Trump Amid Advisor Speculations

Elon Musk has denied claims that he discussed cryptocurrency with Donald Trump, despite ongoing speculation and reports suggesting otherwise.

The Tesla CEO addressed these rumors on X (formerly Twitter), countering reports that he engaged in conversations about crypto with Trump, the leading candidate for the 2024 Republican presidential nomination. “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 stated in a post on X.

Musk’s comments were in response to a Bloomberg report alleging that he advised Trump on crypto-related matters, a prospect that has generated significant interest. The report also speculated about Musk potentially speaking at the upcoming Republican National Convention alongside Trump.

These reports coincide with Trump’s increased promotion of Bitcoin and other digital assets on the campaign trail. Trump views Bitcoin and other cryptocurrencies as a means to attract new voters. His crypto holdings have reportedly exceeded $10 million, with the MAGA token recently reaching an all-time high of $15.4.

To date, Musk has not responded to reports about him speaking at the Republican convention.

Advisory Role Speculations

On May 29, The Wall Street Journal reported that Trump was considering a “possible advisory role” for Musk if he were to reclaim the White House in November’s election. The two have transitioned from a previously tense relationship to engaging in political discussions about policy ideas, including immigration and, reportedly, cryptocurrency.

Elon Musk has stated that he will not contribute to either presidential campaign in the upcoming election. However, he has allegedly informed Trump of his plans to organize events aimed at discouraging wealthy supporters from backing Joe Biden in November.

This evolving relationship between Musk and Trump is significant for the crypto market. Both figures have the potential to influence public attitudes toward digital currencies. Their discussions and Musk’s proactive stance could sway investor sentiment and shape future regulatory policies, impacting the broader adoption and stability of cryptocurrency.

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