Missing crypto conversation in the Musk-Trump interview

Is the absence of any mention of Bitcoin in the Musk-Trump meeting a deliberate omission, or does it signal a deeper shift in Trump’s cryptocurrency strategy for the upcoming election?

When Elon Musk, the tech giant behind X (formerly Twitter), announced that he would be interviewing Republican presidential candidate Donald Trump on his platform, expectations were set quite high.

What was billed as a major conversation drew a lot of interest from both political enthusiasts and the crypto community, but the session took an unexpected turn even before it began.

For over 45 minutes, eager listeners were left in the dark as the interview faced a critical delay. Musk later explained that the outage was due to a “massive DDOS attack on X” and speculated that the attack was likely due to “a lot of opposition to hearing what President Trump has to say.”

It appears that there was a major DDOS attack on 𝕏. Efforts are being made to shut it down.

Worst case scenario, we will continue with a smaller live audience and broadcast the speech later.

— Elon Musk (@elonmusk) August 13, 2024

Despite the rocky start, the speech was eventually broadcast live. However, contrary to all predictions, not a single word about crypto or Bitcoin (BTC) was uttered during the entire session.

This silence is somewhat surprising, given widespread speculation that Trump could shape the future of digital currencies in America if elected.

So what happened? And with cryptocurrencies off the table, does this signal a change in Trump’s stance or priorities? Let’s find out.

Unpacking the drama

As the conversation between Musk and Trump progressed in X, it quickly became clear that this was no ordinary interview.

The more than two-hour debate was dominated by Trump, who spoke at length most of the time (sometimes with a noticeable lisp), leaving little room for Musk to chime in. The topics ranged widely, covering energy policy, climate change, immigration and others.

Musk and Trump discussed the assassination attempt on the former president earlier in their meeting.

Trump then shifted focus to his stance on increasing oil drilling in the U.S., a view that directly conflicts with Musk’s business interests, particularly Tesla’s focus on electric vehicles and sustainable energy.

Throughout the interview, Musk mentioned his past ties to the Democratic Party, indicating a recent shift towards more conservative views.

While the session drew 1.3 million listeners at its peak, many were surprised by the lack of any discussion of Bitcoin or cryptocurrency — a topic that seemed almost inevitable given the profiles of both Musk and Trump.

Popular prediction platform Polymarket had convinced bettors that digital assets would be a major part of the debate, stating that the odds for the “Bitcoin” bet were as high as 69%.

The crypto omission didn’t just surprise listeners — it also had dramatic financial implications. Almost $5 million was placed on Polymarket bets on Trump’s word choice, with “crypto” leading the pack.

Despite these high stakes and widespread anticipation, the word never came out, leading to an unexpected outcome for many punters.

However, a Polymarket user named bama124 managed to navigate this uncertainty with remarkable accuracy. By correctly predicting the words Trump would and would not say, including the word “crypto,” bama124 walked away with almost $1 million.

The bettor placed a bet on several keywords, including “crypto,” “Bitcoin,” “Tesla,” and “censorship,” and correctly predicted that the former president would not say any of them.

Trump’s confidence in Polymarket is waning

In the months leading up to the presidential election, Donald Trump appeared to be on a steady path to victory. His odds of winning at Polymarket had been rising since May and rose above 72% on July 16, shortly after he survived an assassination attempt.

At the time, Trump was thought to be ahead, especially after Joe Biden’s reputation was damaged after the first presidential debate, which eventually led to Biden dropping out of the race.

The game has changed with the entry of Kamala Harris into the presidential race. Now the leading Democratic candidate, Harris has gained momentum quickly, and the odds reflect that change.

As of August 13, Trump’s winning odds in Polymarket have fallen to 46%, while Harris has a 52% lead. The contest has already received a total of about $583 million in bids, with three months left until the election.

It is worth noting that Harris’ campaign was supported by the active support of prominent figures in the cryptocurrency industry.

Harris’ influential supporters, including Mark Cuban and Anthony Scaramucci, will attend a virtual event this week to promote her campaign.

Additionally, a support group called “Crypto for Harris” was launched, aiming to mobilize voters and increase fundraising efforts within the crypto community.

Trump, once the front-runner, finds himself trying to make amends as the election approaches, with the political winds turning in Harris’ favor.

Trump’s mood swings?

Trump has made several moves to attract the attention of the crypto community as part of his 2024 presidential campaign.

It began accepting crypto donations in May, signaling a change in tone after previously being skeptical.

In June, he gave special support to Bitcoin miners, expressing hope that the remaining Bitcoins would be mined in America.

In addition to all this, Trump was the chief guest at the Bitcoin Conference held in Nashville at the end of July, which further increased his appeal to crypto voters.

But despite these gestures, Trump’s latest interview with Musk suggests that his stance on cryptocurrencies may not be as solid as it seems.

The absence of any discussion of digital assets during the two-hour meeting left many in the crypto community confused.

Was this a deliberate omission or does it indicate a more ambiguous position on the matter? It’s hard to say, but silence certainly speaks volumes.