Donald Trump is considering placing Elon Musk in a Cabinet position if he wins the 2024 U.S. presidential election.
Musk has increasingly endorsed Trump via Twitter and the recent X Spaces conversation, thereby strengthening their relationship.
Musk’s appointment could lead to more crypto-friendly regulations and better institutional adoption.
Musk could push for regulations that promote renewable energy use in crypto mining.
Trump has a track record of appointing high-level supporters to influential positions, which means that this might actually happen.
As the 2024 U.S. presidential election approaches, more events continue to unfold, adding another layer of intrigue to the mix.
Speaking of “mixes”, former President Donald Trump stirred the pot this week by floating an interesting idea.
If he wins the election on 5 November, the presidential aspirant is considering appointing Tesla and Space X CEO Elon Musk to a cabinet position.
This surprising development has huge benefits for the crypto industry as a whole and comes after Musk's public Trump endorsement on Twitter.
It also follows an X Spaces conversation between the two sometime last week, in which Trump commented on Musk's intelligence and business acumen.
During a Reuters interview this week, Trump made these statements when asked about the possibility of adding Musk to his administration—in case he wins against Vice President Kamala Harris in November.
Surprisingly, the former president responded positively, stating that he “certainly would” consider it.
"He's a very smart guy. I certainly would, if he would do it, I certainly would. He's a brilliant guy," Trump reportedly said.
Interestingly, though, Trump didn't specify which of the 15 executive departments—ranging from Energy to Treasury—he might ask Musk to lead.
However, there has been endless speculation about something related to innovation in general or finance.
Adding further intrigue to this narrative is the history between Trump and Musk since 2020.
During the previous Trump-Biden election, Musk was vocal about how he wasn’t a Trump supporter.
Critique of Harris and Biden
However, Musk seemed to change his mind, especially after the assassination attempt, and repeatedly posted memes, opinions and criticism of the Biden-Harris policies via his Twitter handle.
Numerous reports have surfaced about Musk donating up to $45 million monthly to Trump’s reelection campaign, which the former has repeatedly denied.
Musk has admitted to supporting Trump through a “political action committee” but not at the alleged $45 million monthly scale.
However, regardless of the amount, Musk's endorsement of Trump has strengthened the bond between the two and is bound to create something massive in the future.
Historically, high-level donors to Trump's campaign have usually been appointed to influential positions, and it appears that Musk might be no exception.
Trump's campaign team has also announced that if he wins the election, Howard Lutnick and Linda McMahon (two avid supporters) will co-chair his transition team.
This has further raised hopes of a Musk appointment to the presidential inner circle if all goes well.
However…
So what could Musk’s appointment mean for crypto?
To start things off, Musk's joining the U.S. government has been found to have several effects on several industries, and crypto is no exception.
Musk is an avid crypto bull and has tweeted in favour of the community since before 2020.
If he were to join Trump’s cabinet, Musk could then use this increased influence to push for more crypto-friendly regulations.
Better regulations equal better innovation.
Musk’s involvement in the government could also significantly improve institutional adoption, encouraging more companies to integrate crypto into their operations.
This is without mentioning that Tesla's CEO is also prominent on sustainable mining and innovation.
Musk could push for regulations or incentives that promote the use of renewable energy for mining crypto and blockchain integration with healthcare, AI, IoT and several other niches.
In sum, Musk might be one of the factors that Trump needs to turn the country into a "crypto capital", as he has repeatedly stated.
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