Dogefather Elon Musk Refutes Claims Of Advising Trump On Crypto Policy

Dogecoin (DOGE) evangelist and billionaire Elon Musk has asserted that, contrary to a recent Bloomberg report, he is not a crypto advisor to Donald Trump’s presidential campaign.

“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 posited in response to the article.

Despite years of trading barbs publicly, Bloomberg reported that Trump and Musk are getting closer, to the extent of discussing crypto. Trump used to be against cryptocurrencies, but the likely GOP flag bearer in the upcoming U.S. presidential election has recently signaled his friendliness to the asset class in a bid to woo pro-crypto voters.

Interestingly, The Wall Street Journal claimed on Wednesday that Trump was mulling appointing Musk as his policy adviser if he wins the U.S. presidential run in November. While it’s an indirect boon for crypto, as Musk is a huge fan of crypto, the WSJ didn’t link the Tesla/SpaceX CEO with the blockchain industry.

Musk has become a key figure in the cryptoverse. Back in 2020, he started endorsing the joke cryptocurrency, Dogecoin, on X (then known as Twitter). His posts and public comments helped DOGE grow a cult following, and it soon became the world’s most expensive meme-inspired digital asset — now valued at $23 billion, it’s the industry’s ninth-largest cryptocurrency.

Musk’s EV maker, Tesla, added Bitcoin to its balance sheet in 2021. It then dumped some of its holdings and suspended BTC payments due to environmental concerns. Nonetheless, both Tesla and his space exploration company, SpaceX, still hold roughly 19,794 BTC, which is today worth over $1 billion.

Trump’s Head-Spinning U-Turn On Crypto

During his first stint in the White House, Trump wasn’t a fan of Bitcoin and other cryptocurrencies. Despite once claiming that they were “based on thin air”, Trump is now presenting himself as crypto’s candidate of choice.

The embattled former U.S. President and 2024 hopeful promised to end hostility toward the crypto asset landscape if reelected and indicated that he is “very positive and open-minded” to cryptocurrency-focused companies. “Our country must be the leader in the field, there is no second place,” he further declared.

Moreover, his campaign currently accepts donations in several cryptocurrencies as he has become friendly to the bourgeoning industry — described by some as a watershed moment in crypto policy. That’s largely because Joe Biden’s administration has taken a strongly anti-crypto stance in the past.