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Elon Musk Denies Talking Crypto With Trump as Presidential Hopeful Eyes Small Government Advisors

Last Updated May 31, 2024 1:27 PM
James Morales
Last Updated May 31, 2024 1:27 PM

Key Takeaways

  • Recent media reports claim Elon Musk discussed taking an advisory role in a potential Trump White House.
  • Musk has denied discussing an advisor role or talking about crypto with the presidential hopeful.
  • However, other candidates being floated as potential Trump advisors adhere to a small government policy school that could favor the sector.

On Wednesday, the Wall Street Journal reported  that Donald Trump and Elon Musk met to discuss a potential advisory role for Musk in a Trump Presidency. 

Commenting on the matter, Musk insisted that they didn’t talk about crypto, despite what multiple media outlets have claimed. Nonetheless, Trump’s plans to fill the White House with tech billionaires and hedge fund managers will go down well with many in the American crypto community.

Musk Rebuffs Crypto Talk Rumors

Following the Journal’s reporting, on Thursday, Bloomberg ran a headline  suggesting that Musk counseled Trump on crypto.

The Tesla CEO stepped in to assert that “I’ve never discussed crypto with Trump,” dismissing the report as baseless. 

Responding to the initial Journal report, he claimed that “there have not been any discussions of a role for me in a potential Trump Presidency.”

Regardless of what was discussed, Musk’s increasingly active and public support for Trump has been welcomed by many in the crypto community. Having once referred to himself as “the Dogefather,” Musk is known to have a favorable view of decentralized cryptocurrencies and leans libertarian on economic and regulatory issues.

“I am generally in favor of things that shift power from government to the people, which crypto can do,” he stated on Thursday.

Who Else Could Trump Bring in?

Besides Elon Musk, a host of other American billionaires are rumored to be in consideration for a role in a potential Trump Presidency.

According to reports  earlier this year, the Trump campaign has floated bringing in Susquehanna International Group founder Jeff Yass as Treasury Secretary. Hedge fund manager John Paulson and Key Square Group founder Scott Bessent have also been named as potential candidates for the role.

Although Trump has ruled out selecting him as a running mate, the fiercely pro-crypto former GOP primary candidate Vivek Ramaswamy could still be in line for a cabinet position, Bloomberg reported .

From tech moguls to Wall Street bigshots Trump is likely to surround himself with people who favor small government and low taxes if he returns to office.

During his previous term as president, bankers and investment fund managers featured heavily in the list of Trump’s economic advisor s.

People like Skybridge Capital founder Anthony Scaramucci and former PayPal CEO Peter Thiel are vocal crypto advocates. However, both men have since sought to distance themselves from the former president.

Former Advisors Cut Ties

In February, Scaramuucci urged people to vote for Biden, arguing that although Trump might be better for crypto regulation in the short term, “in the long term, he’s going to create havoc and unpredictability in the legal system”.

“I would rather take the regulatory fight with people like Elizabeth Warren and people like Gary Gensler over that macro fight,” he added.

Meanwhile, in an interview with The Atlantic, Thiel ruled out donating to Trump’s 2024 campaign, citing disillusionment with American politics in general.

“It was crazier than I thought. It was more dangerous than I thought,” he said of the 2016-2024 presidency. “They couldn’t get the most basic pieces of the government to work.”

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