Elon Musk, CEO of Tesla, and Justin Sun, founder of Tron, have publicly endorsed former U.S. President Donald Trump for his 2024 presidential run following a failed assassination attempt on July 13.
Crypto Figures Take a Stand
The upcoming election is seen as pivotal for the cryptocurrency industry, with significant implications for its future. The attempt on Trump's life by a 20-year-old has caused ripples in the market, but the response has been one of resilience. This reaction reflects a vote of confidence in Trump from the crypto sector.
Following the attack, Bitcoin saw a rise of more than 1.77% to $59,659, and Ethereum (ETH) increased by 1.07% to $3,184. Trump’s memecoin, MAGA (TRUMP), surged by over 50% to $8.27.
Industry leaders have made their positions clear. Elon Musk posted on X, endorsing Trump and wishing him a speedy recovery. Justin Sun echoed Musk's sentiments, stating Trump is a better choice for the crypto industry and can ensure fairer treatment.
Market and Political Implications
This endorsement comes at a critical time as the Biden Administration seeks to win crypto votes through balanced policies. The endorsement has influenced market sentiment, with Polymarket odds for Trump's re-election jumping to 71%, compared to Joe Biden's 17%.
Musk's Influence on Crypto Leadership
Justin Sun’s endorsement closely followed Musk’s post on X, highlighting Musk's influence in the crypto world. Sun's actions mirror Musk’s strategic moves, such as buying Twitter and rebranding it to X, while Sun is considering purchasing the Chinese social media platform Weibo.
The ripple effect of Musk’s endorsement on other crypto leaders remains to be seen, but it underscores his significant sway within the industry.
Conclusion
Elon Musk and Justin Sun’s endorsements signal a strong alignment of prominent crypto figures with Donald Trump. As the election approaches, the impact of these endorsements on the crypto market and political landscape will be closely watched.
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