- Crypto wasn’t mentioned or discussed during the call between Trump, Musk
- Interview was delayed after Musk claimed X was targeted by a DDoS attack – However, a Verge report cited an internal source who claimed Tesla’s CEO was “99% lying”
As a seasoned analyst with over two decades of experience in the financial markets, I find it fascinating to observe the evolving relationship between traditional finance and digital assets like cryptocurrencies. The recent interaction between Elon Musk and Donald Trump, two influential figures who have shown interest in crypto, was anticipated by many within the community for any potential mention or discussion about the asset class.
Elon Musk has consistently advocated for cryptocurrencies. Lately, even Donald Trump, a former U.S. President seeking re-election, has joined the bandwagon. This is remarkable because not only is Trump a high-profile political figure, but his recent stance on cryptocurrencies represents a significant shift from his views during his presidency.
Previously, he labeled that investment category as a “scam,” “fake money,” and a “pending catastrophe.” However, now he stands as the first U.S Presidential candidate to accept digital currency donations. Additionally, he has provided a prominent stage for Bitcoin mining discussions, and recently delivered a keynote speech at the Bitcoin Conference in Nashville last month.
Many cryptocurrency enthusiasts had hoped that Trump might discuss the asset class during his conversation with Elon Musk on X Spaces, but he didn’t mention it in their discussion.
During the interview, the ex-President didn’t make any remarks regarding cryptocurrencies. There wasn’t a single comment about it. Instead, the conversation delved into familiar topics such as immigration, the economy, artificial intelligence, and his political adversary, Vice President Kamala Harris.
Is this bad news for crypto?
In essence, Donald Trump views cryptocurrencies as a tool rather than an interest in themselves – primarily a pathway to his Presidential goal. He acknowledges that numerous crypto investors at present are single-issue voters, many of whom are discontent with the Biden administration’s seemingly hostile stance towards the crypto sector.
As a crypto investor, I may not be certain about Donald Trump’s personal stance on cryptocurrency, but it’s clear he recognizes the financial power that crypto-enthusiasts wield. He’s smartly leveraged the crypto community’s skepticism towards Biden to boost his campaign, showing a keen understanding of our influence in political discourse.
Crypto executives are gathering at former President’s Mar-a-Lago residence and have pledged to collect more than $100 million for his political campaign, primarily because of this connection.
During his conversation with Musk, the Former President may not have mentioned cryptocurrencies, but this doesn’t necessarily imply anything significant about his views on the subject. Although he likely acknowledges the importance of the crypto-community, at present, the topic is not a crucial election matter. As such, it was unlikely to be relevant in an interview catering to millions of other voters as well.
Even so, it’s worth pointing out that there were people betting on the possibility that crypto will get a mention during the interview call between Musk and Trump. In fact, according to Polymarket, betters were giving this possibility a +65% chance, with over $800,000 staked too.
Needless to say, it didn’t quite work out for these guys.
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2024-08-13 17:43