Elon Musk Denies Crypto Talks with Donald Trump Amid Speculation

Shalini Nagarajan

Last updated:

May 31, 2024 00:04 EDT | 2 min read

Elon Musk has denied that he discussed crypto policy with presidential candidate Donald Trump. His comment comes after Bloomberg reported Thursday that the two have had crypto-related talks as Trump highlights Bitcoin and other digital assets on his campaign trail to appeal to a broader voter base.

“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 said in an X post.

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

Trump has been actively courting the crypto industry with a series of pro-crypto moves recently. Last week, he pledged support for crypto companies, saying he’s “very positive and open minded.” Additionally, he pledged to commute the sentence of Ross Ulbricht, the convicted founder of Silk Road, the online marketplace known for illegal drug and hacking tool sales using virtual currencies.

Further solidifying his stance, his campaign is now accepting donations in cryptocurrency.

Earlier this month, Trump said he would cease the hostility towards the crypto industry in the US if re-elected.

“Well, we’ll stop it because I don’t want that,” he said. “If we’re going to embrace it, we have to let them be.”

How Elon Musk’s Actions Pump the Crypto Market

Elon Musk hasn’t been shy about using his influence to stir the pot in the crypto market. He has caused prices to surge through a combination of methods. First, his social media posts created a frenzy around Dogecoin. Second, he took his support for memecoins to national television with an appearance on Saturday Night Live where he discussed cryptocurrencies.

But his most playful tactic might have been a brief change on Twitter itself in April 2023. For a short while, the home button on the app was swapped for an image of a Shiba Inu, the same dog breed that’s the mascot for Dogecoin.

Musk’s Backing Could Strengthen Trump’s Crypto Credibility:

Cuautemoc Weber, CEO of Gateway.fm, a decentralized blockchain infrastructure node provider, noted that although Musk refuted allegations of 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 would align with Musk’s ‘anti-establishment’ mindset,” Weber told Cryptonews.

He further stated that Trump recognizes the potential significance of this issue in securing re-election. Partnering with Musk could enhance Trump’s appeal to tech-savvy voters, leveraging Musk’s influence to garner support.

“Aligning with a prominent industry figure like Musk could lend credibility to potential Trump-led regulations and policies around cryptocurrencies,” Weber said. “This pairing could definitely resonate with crypto enthusiasts, particularly in the context of disrupting the traditional, legacy financial .”

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