Elon Musk refutes cryptocurrency discussions with Donald Trump amidst speculation about advisors.

Despite widespread speculation and reports suggesting otherwise, Elon Musk has categorically denied claims that he discussed cryptocurrency with Donald Trump. Taking to the social media platform X (formerly Twitter), Musk refuted the allegations, stating, “Pretty sure I’ve never discussed crypto with Trump, although I am generally supportive of initiatives that empower the people and shift power away from the government, which is something crypto can achieve.” Musk’s response followed a Bloomberg report that suggested he had advised Trump on crypto-related matters and raised the possibility of Musk speaking at the upcoming Republican National Convention alongside the presidential candidate. Trump himself has been increasingly promoting Bitcoin and other digital assets during his campaign, viewing them as a means to attract new voters. It has been reported that Trump holds over $10 million in crypto assets, and the MAGA token recently reached a record high of $15.4. While Musk has yet to comment on the reports of his potential speaking engagement at the Republican convention, it was previously reported by The Wall Street Journal that Trump was considering a “possible advisory role” for Musk should he be re-elected in November. Despite a previously strained relationship, the two men have engaged in discussions on policy ideas, including immigration and, reportedly, cryptocurrency. Musk has publicly announced that he will not be contributing to either presidential campaign in the upcoming election, but he allegedly informed Trump of his intention to hold events discouraging wealthy supporters from backing Joe Biden. This relationship between Musk and Trump carries significant weight for the crypto market, as their influence could shape public sentiment and regulatory policies, ultimately impacting the wider adoption and stability of digital currencies.