Musk has denied claims that he discussed crypto with Trump despite ongoing speculation and reports suggesting otherwise. 

Elon Musk took to X (formerly Twitter) to deny reports suggesting he talked about crypto with Donald Trump, the leading candidate for the 2024 Republican presidential nomination.

“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 wrote in a post on X.

The Tesla CEO was responding to a Bloomberg report that claimed Musk counseled Trump on crypto-related matters, a prospect that has generated significant interest. The report also discussed the possibility of Musk speaking at the upcoming Republican National Convention alongside Trump.

These reports come as Trump increasingly promotes Bitcoin and other digital assets on the campaign trail. Trump sees Bitcoin and other cryptocurrencies as a way to appeal to new voters.

Trump’s crypto holdings have exceeded $10 million and the MAGA token just reached an all-time high of $15.4.

Musk has not responded to the reports about him speaking at the Republican convention.

Advisory role

On May 29, The Wall Street Journal reported that Trump was considering a “possible advisory role” for Musk if he were to reclaim the White House in November’s election.

Both men once had a tense relationship but are now engaged in political talks about policy ideas, such as immigration and, reportedly, crypto. 

Elon Musk has announced that he will not be contributing to either presidential campaign in the upcoming election. But, he has allegedly informed Trump that he intends to hold events to discourage rich supporters from backing Joe Biden in November. 

This relationship is significant for the crypto market as both Musk and Trump have the potential to influence public attitudes toward digital currencies. Their discussions and Musk’s active stance could sway investor sentiment and shape future regulatory policies, impacting the broader adoption and stability of crypto.