Tesla CEO Elon Musk and Tron Founder Justin Sun have endorsed former U.S. President Donald Trump in his bid for the White House. This endorsement follows closely on the heels of a failed assassination attempt on Trump’s life on July 13.
Crypto Figures Taking a Side
The upcoming election is poised to be one where cryptocurrency alignment plays a significant role. Amid the chaotic events surrounding the assassination attempt by a 20-year-old, the market has shown remarkable resilience. The price of Bitcoin rose by over 1.77% to $59,659, while Ethereum (ETH) saw a 1.07% growth, reaching $3,184. Trump’s own memecoin, MAGA (TRUMP), surged by more than 50% to $8.27 at the time of writing.
These market movements reflect a broader vote of confidence in Trump from the crypto community. Retail traders and investors are not the only ones expressing their support. Industry leaders have also stepped into the fray. Elon Musk took to X (formerly Twitter), endorsing Trump and wishing him a speedy recovery. Similarly, Justin Sun echoed Musk’s sentiments, stating that Trump is a better choice for the crypto industry and can ensure fairer treatment.
This stance is debatable, especially considering the Biden administration’s efforts to balance and win crypto votes. Nonetheless, the Polymarket odds of Trump winning the election have jumped to 69%, compared to Joe Biden’s 19%. These predictions, while not definitive, underscore the current sentiment within the crypto market.
Elon Musk Setting a Crucial Blueprint
Justin Sun’s endorsement appears to follow Elon Musk’s lead closely. Musk’s influence in the crypto space is undeniable. His purchase and rebranding of Twitter to X set a significant precedent. Now, Sun is reportedly eyeing the purchase of Weibo, a Chinese counterpart to X. His endorsement of Trump came just hours after Musk’s, showcasing a pattern of following Musk’s footsteps.
Also Read: MAGA Memecoin Surges 52% Amid Assassination Attempt on Donald Trump
The endorsement of Trump by two high-profile crypto figures raises questions about how many more leaders in the industry will follow suit. Musk and Sun’s support could potentially sway other influential voices in the crypto community to back Trump, further solidifying his position as a candidate favorable to the industry.
Conclusion
The endorsements from Elon Musk and Justin Sun highlight a pivotal moment in the intersection of cryptocurrency and politics. As the election draws nearer, the crypto market’s reaction and the actions of its leaders will be critical to watch. The influence of figures like Musk and Sun could significantly shape the political landscape, underscoring the growing importance of cryptocurrency in national and global affairs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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