Donald Trump and Elon Musk Sideline Crypto Talk, Triggering Meme Coin Plunge

During a highly anticipated Twitter Spaces conversation on Monday, former President Donald Trump and Tesla CEO Elon Musk captivated over a million viewers. Many from the crypto community tuned in, expecting cryptocurrencies to be highlighted.

Surprisingly, neither Trump nor Musk addressed the topic amid speculation and betting activity surrounding potential mentions.

Donald Trump-Themed Meme Coins Freefall

Prior to the interview, the crypto community was abuzz with anticipation. Betting platforms like Polymarket saw substantial sums wagered on whether Trump would mention “crypto” or “Bitcoin.”

Bets on the mention of “crypto” exceeded $850,000. Similarly, the likelihood of “Bitcoin” being discussed nearly attracted about $500,000 in bets, peaking at a 70% probability. Additionally, more than $500,000 was at stake on Trump mentioning “Tesla,” though he cleverly avoided the term by referring to Musk’s products as “your cars.”

“Spent three hours listening Elon and Trump space but they didn’t mention ‘crypto’,” Bitcoin enthusiast X user Naiive said.

Moreover, the lack of crypto discussion also led to a sharp decline in the value of several Donald Trump-themed meme coins. Specifically, MAGA (Trump) and MAGA (MAGA) meme coins, which had soared in value in anticipation of the interview, plummeted by approximately 15.58% and 27.35%, respectively, as the discussion unfolded.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

MAGA (Trump), and MAGA (MAGA) Price Performance. Source: TradingView

However, some remain optimistic about Trump’s stance on cryptocurrencies.

“Trump didn’t say the words ‘Bitcoin’ or ‘crypto’ tonight, and I think that’s okay. His campaign is clearly pro-crypto. That’s enough. Too much politics in Bitcoin is distracting,” crypto entrepreneur Willem Schroe noted.

The conversation spanned various topics, including illegal immigration, the economy, artificial intelligence, and global warming. However, Trump’s continued omission of crypto during events like this hints at a cautious approach. He also avoided crypto mention during the first Presidential debate in June.

Despite this reticence during public appearances, Trump’s engagement with the crypto community remains strong at more targeted events. He recently announced crypto policies at the Bitcoin 2024 conference in Nashville, which shows targeted support for the industry. This strategic approach is mirrored by the crypto industry’s support for Trump, illustrated by substantial donations at crypto-focused fundraisers.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

In the wider political arena, the betting markets reflect competitive odds for the upcoming US Presidential election. Despite Trump’s backing within certain sectors, Vice President Kamala Harris currently leads in the polls. Polymarket data indicates a 52% likelihood of a Harris victory compared to Trump’s 46%.

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