In a much-anticipated X Spaces chat on Monday, former President Donald Trump and Tesla CEO Elon Musk captured the attention of over a million listeners. Many crypto enthusiasts tuned in, hoping for insights on cryptocurrencies.
To their surprise, neither Trump nor Musk touched on the subject, despite widespread speculation.
Donald Trump-Themed Meme Coins Tumble
Before the event, the crypto community was buzzing with predictions. Platforms like Polymarket saw significant betting activity on whether Trump would mention “crypto” or “Bitcoin.”
Bets on the term “crypto” exceeded $850,000, while discussions around “Bitcoin” drew nearly $500,000 in wagers, with the probability peaking at 70%. Additionally, over $500,000 was at stake on Trump mentioning “Tesla,” but he skillfully sidestepped it by simply referring to Musk’s products as “your cars.”
The absence of crypto talk led to a swift drop in the value of Donald Trump-themed meme coins. Coins like MAGA (Trump) and MAGA (MAGA), which had surged in anticipation, saw declines of about 15.58% and 27.35%, respectively, as the conversation progressed.
Despite this, some remain hopeful about Trump’s position on cryptocurrencies.
Trump’s Cautious Approach to Crypto
The discussion covered a range of topics, including illegal immigration, the economy, artificial intelligence, and global warming. However, Trump’s continued avoidance of crypto in such events suggests a cautious stance. This pattern was also observed during the first Presidential debate in June.
Even with this public restraint, Trump’s connection with the crypto community remains strong at specialized events. He recently announced crypto policies at the Bitcoin 2024 conference in Nashville, indicating focused support for the industry. This careful strategy reflects the ongoing backing Trump receives from the crypto sector, shown by substantial donations at crypto-focused fundraisers.
In the broader political terms, betting markets show a close race for the upcoming US Presidential election. While Trump enjoys support from certain groups, Vice President Kamala Harris currently leads in the polls, with Polymarket data indicating a 52% chance of a Harris victory compared to Trump’s 46%.
