Elon Musk Says Crypto Can Shift Power From Government to the People, but Denies Discussing Crypto With Trump
Tesla and Spacex CEO Elon Musk has debunked reports claiming that he advised former U.S. President Donald Trump on cryptocurrency. While stating that he is pretty sure he has not discussed crypto with Trump, Musk said crypto can “shift power from the government to the people,” and he is generally in favor of it.
Musk: No Trump Crypto Talks, Favors It for Empowering People
Tesla and Spacex CEO Elon Musk has responded to a report that he has advised former U.S. President and presidential candidate Donald Trump on several matters including cryptocurrency.
“Elon Musk and Donald Trump are discussing cryptocurrency policy as the former president increasingly highlights bitcoin and other digital assets on the campaign trail as a way to reach new voters, according to a person familiar with the talks,” Bloomberg reported Thursday. Musk responded on X that he is “pretty sure” he has never discussed crypto with Trump. However, the billionaire added that he is generally in favor of “things that shift power from government to the people,” which he said, “crypto can do.”
Trump has been courting crypto voters recently. The former U.S. president seems to have shifted his crypto stance. As President, he stated he was “not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” At a recent Libertarian National Convention, Trump vowed to “stop Joe Biden’s crusade to crush crypto” and “ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas.” He also pledged to “support the right to self-custody” and “never allow the creation of a central bank digital currency [CBDC].” Additionally, he promised to free Ross Ulbricht.
Moreover, Trump’s campaign recently began accepting crypto donations through Coinbase. Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo considers Trump America’s first crypto president, highlighting that bitcoin futures were approved during his administration. Since leaving office, Trump has launched three non-fungible token (NFT) collections. In March, he referred to bitcoin as an additional form of currency. In February, he acknowledged the crypto’s popularity, stating that BTC has taken on a life of its own and he can live with it.
Meanwhile, Musk previously disclosed that he owns bitcoin, ether, and dogecoin. The billionaire has been a prominent advocate for the meme cryptocurrency, earning him the nickname “Dogefather” in the crypto community. In January, Musk confirmed his continued possession of “a bunch of dogecoin,” while denying being a dogecoin whale. His companies also have bitcoin holdings; recent onchain analysis showed that Tesla owns 11,509 bitcoins and Spacex owns 8,285 BTC. In 2021, Tesla briefly accepted bitcoin for vehicle purchases. However, in December of last year, Musk mentioned that he does not devote much time to thinking about cryptocurrencies and emphasized that none of his companies would create their own crypto token.
What do you think about reports suggesting that Elon Musk advised former U.S. President Donald Trump on crypto? Let us know in the comments section below. #Write2Earn