Elon Musk has firmly denied recent claims suggesting discussions on cryptocurrency matters with former President Donald Trump, dispelling ongoing speculation fueled by reports indicating otherwise.

In a post on X (formerly Twitter), Musk addressed the rumors, stating, "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."

The denial follows a Bloomberg report alleging Musk's advisory role regarding crypto topics with Trump, which also hinted at the possibility of Musk speaking at the upcoming Republican National Convention alongside the former president.

While Trump has been increasingly vocal about his support for Bitcoin and other cryptocurrencies during his campaign trail, Musk's alleged involvement in advising him on crypto matters has drawn significant attention.

Trump's reported crypto holdings exceeding $10 million and the surge of the MAGA token to an all-time high of $15.4 have further underscored the significance of his stance on digital assets.

Regarding Musk's potential role in Trump's advisory team, recent reports from The Wall Street Journal suggested Trump's consideration of offering Musk an advisory position if re-elected. Despite their previous differences, both men are reportedly engaged in discussions on various policy ideas, including immigration and, purportedly, cryptocurrency.

Musk, however, clarified his stance on the upcoming presidential campaigns, stating that he will not be contributing to either candidate's campaign. Nevertheless, he allegedly informed Trump of his intention to hold events aimed at dissuading wealthy supporters from backing Joe Biden in the November election.

The evolving relationship between Musk and Trump holds significance for the crypto market, as their influence and discussions on digital currencies have the potential to shape public perceptions and future regulatory policies. As both figures wield considerable sway over investor sentiment, their interactions may play a crucial role in shaping the trajectory of crypto adoption and regulatory frameworks moving forward.