Elon Musk Shuts Down Crypto-Trump Talks: ‘Never Discussed Bitcoin With Him’

Elon Musk recently responded to rumors about conversations with Donald Trump, the front-runner for the Republican presidential candidacy in 2024, concerning cryptocurrencies on X, the platform formerly known as Twitter.

The potential for Musk to speak with Trump at the next Republican National Convention was also covered in the rumor.

Trump-Musk Crypto Speculations

He stated that he doesn’t recall ever discussing crypto with Trump, although he generally supports initiatives that empower individuals over government, which aligns with the potential of cryptocurrency.

“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 posted on X.

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

Elon Musk also clarified that he won’t financially support either presidential campaign but indicated his intention to host events discouraging wealthy backers from supporting Joe Biden.

Regarding rumors of Musk speaking at the Republican National Convention alongside Trump, no official response has been provided yet.

This interaction between Musk and Trump is significant for the cryptocurrency market, given their potential to influence public perception and regulatory decisions impacting crypto’s adoption and stability.

Potential Advisory Role For Elon Musk

On a different note, The Wall Street Journal mentioned Trump’s contemplation of a potential advisory role for Elon Musk should he win the upcoming election. Despite their past tensions, the two have been discussing various policy ideas including immigration and possibly crypto-related matters.

These reports emerged alongside Trump’s increasing promotion of Bitcoin and other digital assets as part of his campaign strategy to connect with new voter demographics.

According to reports, Trump has more than $10 million in cryptocurrency assets, and the MAGA token reached a record high of $15.4.

BREAKING: Donald Trump says “I am very positive and open minded to crypto companies.”

“Our country must be the leader in the field. There is no second place.” pic.twitter.com/M0cyk8AUyi

— Bitcoin Magazine (@BitcoinMagazine) May 25, 2024

Bitcoin’s Price Surge

Meanwhile, Bitcoin has seen a recent uptick in its value, experiencing a 0.80% increase in the last 24 hours and a 1.80% rise over the past week. This surge has placed its current price at $68,192, with a substantial trading volume of $23 billion.

With a circulating supply of 20 million BTC, Bitcoin holds a significant market cap of $1.3 trillion. These figures underscore Bitcoin’s enduring popularity and its position as a leading cryptocurrency in the market.

Trump Guilty Of Bribery

Donald Trump has been convicted on all 34 counts of falsifying business records in a criminal hush-money scheme aimed at swaying the 2016 election’s outcome. The verdict, reached in less than 12 hours by the jury, marks an unprecedented event in American history as the first criminal trial against a sitting or former US president.

This decision poses a significant political challenge for Trump, the likely Republican nominee, whose approval ratings have remained steady amid the trial but could face volatility in the near future.

Following deliberations, a jury of 12 New Yorkers found Trump guilty of felony falsification of business records, a charge that prohibits the creation of false entries in records with the intent to commit another crime.

Trump’s sentencing is scheduled for July 11, marking a pivotal moment in his political and legal trajectory.

Featured image from Getty Images, chart from TradingView