Elon Musk Denies Bloomberg Report That He Discussed Crypto With Donald Trump Amid Speculation Over Advisory Role

Updated: 31 May 2024

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Tech billionaire Elon Musk has denied a Bloomberg report that claimed he “discussed crypto” with former US President and 2024 Republican presidential frontrunner Donald Trump.

“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 May 30 X post.

Several Reports Suggest Elon Musk Might Back Donald Trump

Musk’s comment follows a tweet that referenced a Bloomberg report, which claimed that he had provided Trump with counsel related to digital assets. The report also said that Trump discussed having the Tesla and SpaceX founder speak at the upcoming Republican national convention.

The Wall Street Journal also reported that the former President was considering a “possible advisory role” for Musk. Trump and Musk reportedly discussed ways in which the tech billionaire can provide “formal input and influence” over economic and border security policies.

Musk said in March that he aims to use his “clout” to assist Trump in defeating Biden by “galvanizing the support of influential allies,” the Wall Street Journal reported.

Crypto Is Becoming A Political Issue

Crypto has become a hot topic in US politics. So much so that analysts are of the opinion that candidates’ stance towards the burgeoning digital asset space could significantly influence who becomes the next president.

Nothing is more powerful than an idea whose time has come. pic.twitter.com/vTdbKHn6L8

— Michael Saylor⚡️ (@saylor) May 26, 2024

This has led to both Trump and current President Joe Biden reaching out to the crypto community. Trump went from calling crypto “a dangerous thing” in 2021 to allowing supporters to make donations to his campaign using cryptocurrencies this year.

Meanwhile, Biden’s campaign recently pivoted from a predominantly anti-crypto stance to recently posting a job opening for a meme expert. This “shift” in stance towards the digital asset sector is fueled by political motives, which also led to the sudden approval of spot Ethereum ETFs (exchange-traded funds), according to ARK Invest’s Cathie Wood.