Elon Musk Denied Reports of Advising Donald Trump on Crypto

Elon Musk and Donald Trump have reportedly been in talks about Musk potentially advising Trump on various issues, including cryptocurrency, should Trump win the upcoming presidential election. 

According to a Bloomberg report, these discussions have been ongoing, with Trump's campaign strategists considering inviting Musk to speak at the Republican convention. However, sources close to the matter reveal that a final decision has not been made.

The Wall Street Journal reports that the talks between Musk and Trump are still in the preliminary stages. If Musk were to take on this advisory role, he would have Trump's ear on critical issues such as border security and the economy. 

However, Elon Musk denied reports that he advised Donald Trump on cryptocurrency, stating that he never spoke with the former president about cryptocurrency.

"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 said in a X post.

Although Musk denied the discussions, he expressed his general support of crypto's capacity to transfer power from governments to individuals.

Musk's Political Stance

In recent months, Musk has been vocal about his views on the Biden administration. In March, the Tesla CEO said on X (formerly Twitter) that he used to vote "100% Dem until a few years ago." 

He has expressed frustration with Biden's policies, especially regarding border security. Musk announced in 2022 that he planned to vote Republican in the next election, citing his dissatisfaction with the current administration. According to him, Biden's border policies are equivalent to "treason," as the administration is "ushering in vast numbers of illegals" to cast voters illegally. 

Presidential Candidates' Views on Cryptocurrency

As a presidential candidate in 2024, Trump now embraces cryptocurrency and positions himself as a champion of the industry. According to him, he is open-minded and supportive of cryptocurrency companies and all things relating to this burgeoning industry. There is even a fundraising page for cryptocurrency donations on his campaign website.

On the other hand, Biden is cautious about cryptocurrency and wants to prevent tax evasion using digital assets. Under his rule, the SEC has been stringent toward crypto firms as it was seen through their actions of suing crypto firms. 

According to a recent report from The Block, President Joe Biden's re-election campaign has begun contacting crypto industry players for guidance regarding crypto "community and policy."