Elon Musk has firmly rebutted recent reports claiming that he is advising former President Donald Trump on cryptocurrency matters, despite acknowledging his general support for digital assets.

The clarification from Musk came in response to articles from Bloomberg and the Wall Street Journal suggesting that Trump was considering Musk for a policy advisory role in a potential future administration. On May 30, Musk took to social media to state, "Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do."

While these reports hinted at the possibility of formalizing Musk's influence on economic and border security policies, Musk asserted no such discussions had taken place regarding cryptocurrencies specifically.

Elon Musk remains a prominent figure in the crypto sphere, having made headlines with Tesla's Bitcoin acquisitions and his endorsements of Dogecoin. His influential stance in the digital asset market is widely recognized.

Donald Trump's stance on cryptocurrency has evolved from skepticism, where he labeled it a "scam," to embracing digital assets through ventures involving non-fungible tokens (NFTs). This shift reflects the increasing significance of crypto in the context of the 2024 presidential election.

Reports circulating from the Wall Street Journal suggested that discussions between Trump and Musk explored formalizing Musk’s role in policy influence, aligning Musk with the Republican Party's interests. Musk has reportedly urged US business leaders against supporting President Joe Biden's reelection bid, underscoring his political alignments.

The talks purportedly involved billionaire investor Nelson Peltz and discussions on financing initiatives to combat voter fraud, although specifics remain sparse.

Brian Hughes, a spokesperson for the Trump campaign, emphasized that any decisions regarding individuals' roles in a Trump presidency would be made solely by Trump himself. Representatives from both the Trump and Biden camps have refrained from commenting on the matter.

Musk, in March, had announced his decision not to financially support either Trump or Biden's campaigns but indicated his intention to use his influence to advocate against Biden's candidacy. He has criticized Biden's policies on various fronts, including immigration, electric vehicles, and tariffs, yet he has not officially endorsed any candidate for the upcoming November election.

Recent reports suggest that Musk's growing alignment with the Republican Party and his controversial public statements have influenced his standing among certain consumer demographics. As the election draws nearer, figures like Musk continue to play pivotal roles in shaping the intersection of cryptocurrency and politics, illustrating the evolving landscape of digital assets in broader societal contexts.