After the Federal Reserve decided to cut interest rates by 50 basis points last week, Bitcoin hit a high of $64,741 at the beginning of this week, and fell back to around $63,000 on Tuesday (September 24). Forbes reported that during the rise in Bitcoin prices, details of the "secret meeting" between billionaire Elon Musk and Salvadoran President Nayib Bukele were exposed, and they talked about the future of mankind.
“Musk, one of the biggest influencers on bitcoin and cryptocurrency prices, shared details of a secret meeting with Bukele, a longtime bitcoin backer,” the Forbes article said.
The two met as the Federal Reserve decided to cut interest rates by 50 basis points and the price of Bitcoin soared, which some people believe could trigger a new round of Bitcoin bull market.
Bitcoin prices have risen sharply since the Federal Reserve's decision last week.
Musk, who earlier in September backed up his warnings about rising interest payments on the massive U.S. national debt set to hit $36 trillion “by the end of 2024,” revealed that he and Bukele discussed “the future of humanity” and technology, though he did not mention Bitcoin directly.
"Just had a very good conversation with Bukele," Musk posted on Twitter.
“We talked a lot about the nature of reality, the future of humanity, and how technologies like artificial intelligence (AI) and robotics will impact the world, and El Salvador has an amazing leader,” he wrote.
US media pointed out that Bukele made history by adopting Bitcoin as legal tender in El Salvador in 2021. He shared a video of his meeting with Musk and posted on Twitter: "It was great to spend a few hours talking to one of the great thinkers of our time."
In the video, which was filmed at Tesla's Austin headquarters, the two can be heard discussing the future of the United States, with Bukele predicting that the country's days are "numbered."
In August, Bukele acknowledged that El Salvador’s acceptance of Bitcoin had not met his expectations, telling TIME that “it could have worked better,” but it was still a “net positive” for the country.
In addition to making Bitcoin legal tender, Bukele has issued bonds backed by Bitcoin mined by the country’s volcano-powered computers, launched a citizenship-by-investment program for foreigners who donate Bitcoin to the government, and built up a $360 million Bitcoin reserve.
Musk, a major driver of the 2021 Bitcoin and cryptocurrency market bull run, purchased $1.5 billion worth of Bitcoin through Tesla and then sold most of it in order to achieve quarterly profits in 2022.
Tesla still holds nearly 10,000 bitcoins, which have nearly doubled in value to $600 million over the past three years. Musk himself said he holds some bitcoin, ethereum and his "favorite" cryptocurrency, dogecoin.
Musk, who has switched his support to former President Donald Trump in November's presidential campaign, has repeatedly warned over the past year that the country's mounting debt of more than $35 trillion could bankrupt the country.
Earlier this month, Trump said Musk had agreed to head a government efficiency department, which Musk named DOGE and said would be "epic." Trump has pledged to establish a U.S. strategic reserve of Bitcoin if re-elected in November, which he claims is necessary for the U.S. to "beat China."
