Zinger Key Points
- Elon Musk's sway in politics grows as he counsels Trump on crypto, signaling a new era of billionaire influence.
- Trump pivots to pro-crypto stance, mulls Musk's GOP convention spotlight amid campaign buzz.
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Elon Musk is reportedly advising former President Donald Trump on cryptocurrency policy ahead of the 2024 presidential election.
What Happened: Bloomberg reported on Thursday that cryptocurrency policy is a matter of discussion between Musk and Trump.
According to a person familiar with the talks, Trump campaign officials are considering inviting the tech billionaire as a speaker at the Republican convention, the publication reported. No final decision has been made, and it is unclear whether Musk has been approached about this.
The discussions highlight Musk’s growing political influence. The billionaire, who has previously weighed in on elections and whose companies have federal contracts, is now advising Trump on various topics, including electric vehicles and space programs.
The Wall Street Journal first reported Trump and Musk were exploring ways for Musk to take on a broad advisory role if Trump wins a second term. The exact nature of this role was still under discussion.
Musk reacted on his social media profile to the report, stating that he was “pretty sure” he never discussed cryptocurrency with the former president. He expressed his support for “things that shift power from the government to the people,” which he considers cryptocurrencies to be.
Why It Matters: Trump’s recent embrace of cryptocurrency is a significant shift in his campaign strategy. On May 29, Trump declared, “The future of crypto will be made in the USA,” emphasizing his commitment to digital assets. This stance is a departure from his previous skepticism toward cryptocurrencies.
Furthermore, on May 24, Trump announced that his campaign would accept crypto donations, potentially altering the digital asset playing field. This move aims to attract support from industry political action committees and crypto enthusiasts.
On May 26, Trump reiterated his support for cryptocurrency, stating, “I will ensure that the future of crypto and Bitcoin will be made in the USA.” This pledge aligns with his broader campaign message of economic nationalism and innovation.
Musk’s involvement adds another layer of complexity to the evolving relationship between politics and cryptocurrency. His influence on digital asset prices and his advisory role could significantly impact the future of cryptocurrency regulation and adoption in the U.S.
What’s Next: The impact of cryptocurrencies on policy decisions is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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