• Elon Musk denied reports that he discussed crypto with Donald Trump
• Musk said he is “generally in favor of things that shift power from government to the people, which crypto can do”
• Trump has recently expressed a more positive stance towards crypto and clemency for Silk Road founder Ross Ulbricht
Elon Musk recently took to social media to deny claims that he has been advising Donald Trump on cryptocurrency. The Tesla CEO stated that he has “never discussed crypto” with the former president.
Original Report
Earlier reports from Bloomberg and the Wall Street Journal claimed that Musk had counseled Trump on cryptocurrency matters. The reports also suggested Musk had discussed Trump speaking at an upcoming Republican convention.
Musk’s Rebuttal
In response to the claims on social media, Musk wrote: “Pretty sure I’ve never discussed crypto with Trump.” While Musk denied speaking with Trump specifically about cryptocurrency, he did add: “I am generally in favor of things that shift power from government to the people, which crypto can do.”
Trump’s Stance on Crypto
Formerly critical of cryptocurrency, Trump has recently softened his stance. Ahead of a scheduled speech at a libertarian convention, Trump said he feels “positive” and “open-minded” about crypto. He also expressed support for clemency for Silk Road founder Ross Ulbricht.
Biden Administration’s Outreach
Meanwhile, President Joe Biden‘s reelection campaign has started connecting with crypto industry leaders. Sources say there has been a noticeable shift in the administration’s tone toward cryptocurrencies and blockchain technology.
Musk’s Crypto Ties
Musk has long shown an interest in cryptocurrency, especially dogecoin. His tweets helped push dogecoin to record highs in 2021. Earlier this year, Musk said Tesla would accept dogecoin as payment. However, in late 2021 Musk also claimed he spends little time thinking about crypto.
Conclusion
While Musk denies advising Trump on cryptocurrencies, the Tesla CEO’s influence in the crypto space remains substantial. Both mainstream political parties appear to be taking a closer look at blockchain technology and digital assets. Crypto could play a role in the upcoming 2024 presidential election.
