Former President Donald Trump has intensified his advocacy for Bitcoin and other cryptocurrencies, signaling a potential alliance with tech magnate Elon Musk.
According to a May 30 report by Bloomberg, Trump’s campaign strategists are exploring avenues to incorporate Musk’s insights into cryptocurrency policy discussions. Sources familiar with the matter revealed that talks have included the possibility of Musk’s involvement in the Republican National Convention, although definitive plans remain pending.
The report comes after The Wall Street Journal (WSJ) disclosed on Wednesday that Trump and Musk have explored the prospect of an advisory role for the Tesla CEO in the event of Trump’s return to the White House following a win in the upcoming presidential elections. The proposed role would focus on shaping policies concerning border security and the economy and combating voter fraud through data-driven initiatives. In this area, Musk and his associates have proposed significant investments.
Trump’s recent foray into the cryptocurrency sphere has been notable. In a recent post on Truth Social, Trump voiced support for the burgeoning industry, positioning the United States as a leader while lambasting the current administration’s purported antagonism toward cryptocurrencies.
“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!” Trump wrote on May 25.
Additionally, during a speech at the National Convention of the Libertarian Party on Saturday, Trump reiterated his commitment to fostering crypto innovation within the U.S., vowing to safeguard the rights of digital currency holders and oppose central bank digital currencies (CBDCs). If elected, he also pledged to commute the sentence of Ross Ulbricht, the founder of the infamous Silk Road darknet marketplace.
Ulbricht’s case has garnered widespread attention, with prominent figures like Musk advocating leniency. Despite appeals for clemency, Ulbricht remains incarcerated, serving multiple life sentences for his role in operating the Silk Road.
Meanwhile, Musk’s endorsement of cryptocurrencies, including Dogecoin and Bitcoin, has contributed to their mainstream acceptance. His previous remarks hinting at Tesla’s potential acceptance of Dogecoin for vehicle purchases, as well as Tesla’s significant portfolio holdings of 9,720 BTC, further underscore his impact on the digital asset landscape.
That said, Trump’s alignment with the crypto community resonates with many voters, with polls indicating significant support from digital asset owners. Such backing underscores the growing influence of cryptocurrencies in shaping political discourse and could have far-reaching implications for governance and policymaking in the United States.
