Elon Musk Acknowledges Bitcoin’s Potential After Trump’s Bitcoin 2024 Speech

Bitcoin Donald Trump Elon Musk

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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July 29, 2024 16:03 EDT

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Elon Musk discussed the potential of Bitcoin following Donald Trump’s keynote at the Bitcoin 2024 conference.

On the X Takeover podcast hosted by the Tesla Owners Silicon Valley, Musk elaborated on his views regarding Bitcoin, stating that he sees merit in the cryptocurrency, especially in the context of Trump’s recent speech in Nashville.

Elon Musk Says He Will Not Promote Crypto

During the podcast, Musk discussed technology, space exploration, and sustainability. When asked about his views on Bitcoin, he responded cautiously.

“I’m not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it’s not me,” Musk said. “I do think there’s some merit in Bitcoin, and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”

Musk also emphasized the importance of community notes on X posts to dispel misinformation. He warned the audience to verify any crypto opinions attributed to him on social media.

Trump to Fire SEC Chair Gensler if Elected

Former President Donald Trump reinforced his support for Bitcoin with several key announcements during his speech at the Bitcoin 2024 conference.

He outlined plans to incorporate cryptocurrency into the government’s reserves and declared his intention to position the United States as a global leader in the crypto space.

Trump emphasized his commitment to the Bitcoin community by promising major changes in regulatory leadership.

“On day one, I will fire Gary Gensler,” he announced, referring to the current Securities and Exchange Commission (SEC) chair.

Additionally, Trump assured attendees that his administration would end the “anti-crypto crusade” of the current administration, pledging to foster a more crypto-friendly environment from the outset of his potential presidency.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” he said.