FX168 Financial News Agency (Asia Pacific) reported that 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 of Bitcoin and cryptocurrency prices, shared details of a secret meeting with long-time Bitcoin supporter Bukele," the Forbes article said.
The two met at a time when the Federal Reserve decided to cut interest rates by 50 basis points and Bitcoin prices soared, which some believe could trigger a new round of Bitcoin bull market.
Bitcoin prices have risen sharply since the Federal Reserve's decision last week.
Source: FX168
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.
Musk posted on Twitter: “Just had a very good conversation with Bukele.”
Just had an excellent conversation with President @NayibBukele!
We talked a lot about the nature of reality, future of humanity and how technology like AI and robotics will affect the world.
El Salvador has an amazing leader. https://t.co/vvCfu1tYoB
— Elon Musk (@elonmusk) September 21, 2024
"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. 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's great to spend a few hours talking to one of the great thinkers of our time."
The video, filmed at Tesla’s Austin headquarters, features the two men being 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 fallen short of his expectations. He told TIME that “it (Bitcoin) could have worked better” but 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 a $360 million Bitcoin reserve.
Musk was a major driver of the 2021 Bitcoin and cryptocurrency market bull run, buying $1.5 billion worth of Bitcoin through Tesla and then selling most of it to realize 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 has 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."
