Elon Musk has refuted recent reports suggesting he engaged in discussions about cryptocurrency with 2024 Republican presidential frontrunner, Donald Trump.

In a post on X, the social media platform he owns, Musk dismissed claims of any crypto-related conversations with Trump. He emphasized his general support for initiatives that empower individuals over government, highlighting the potential of cryptocurrency in achieving this goal.

Musk's response follows a Bloomberg report alleging his counsel to Trump on cryptocurrency matters and discussions regarding a potential speaking engagement at the upcoming Republican national convention. The Wall Street Journal later reported Trump's consideration of a potential advisory role for Musk, should he secure the presidency in the upcoming election.

According to sources cited by the WSJ, discussions between Trump and Musk revolved around avenues for the latter to exert formal influence over economic and border security policies. Musk's purported goal, as revealed after a meeting with Trump in Florida, is to leverage his influence to support Trump's reelection bid by rallying influential allies.

While Trump has previously expressed skepticism toward cryptocurrencies, recent statements indicate a shift in stance. Ahead of a scheduled address at the Libertarian National Convention, Trump expressed openness and positivity toward the crypto industry. He also endorsed clemency for Ross Ulbricht, the creator of Silk Road, a dark web marketplace.

Conversely, President Joe Biden's reelection campaign has reportedly initiated outreach to crypto industry stakeholders for guidance on community engagement and policy. Observers note a noticeable shift in the administration's tone toward crypto over the past weeks.

Musk's involvement in the cryptocurrency space has been influential, particularly with meme coin Dogecoin, which he propelled to record highs through his endorsements and tweets in 2021. Additionally, Musk announced plans for Tesla to accept Dogecoin as payment for its vehicles in March of that year.

Despite his notable influence in the crypto sphere, Musk has previously downplayed his involvement, stating in December 2023 that he dedicates minimal thought to cryptocurrency matters.