Trump Speaks with Elon, But Not About Crypto

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As a seasoned analyst with over two decades of experience in the financial markets, I must admit that I found last night’s X spaces conversation between Elon Musk and Donald Trump quite intriguing, albeit a bit puzzling. The anticipation surrounding Trump’s potential mention of Bitcoin or crypto was palpable, given the staggering $600,000 worth of bets placed on those topics. However, the absence of any direct reference left me scratching my head.

Regardless of the great anticipation and substantial wagers on Polymarket, Trump chose not to discuss either Bitcoin or the larger field of cryptocurrencies during the two-hour discussion.

The conversation, postponed by approximately 45 minutes due to what Musk termed a “significant” assault on X, primarily focused on topics such as unauthorized immigration, economic matters, artificial intelligence, and climate change.

Elon Musk said the delay was due to a coordinated DDoS attack aimed at silencing Trump, but this claim has been questioned. According to The Verge’s report, based on an inside source, there is a strong possibility that Musk’s explanation may not be accurate. Cybersecurity experts did not verify a DDoS attack and instead pointed out international service disruptions as the cause.

In the realm of forecasted wagers related to crypto, fans had placed around $600,000 on the possibility of “crypto” being mentioned, indicating a 65% likelihood. The value at risk for “Bitcoin” predictions reached its maximum with a 69% probability. Regrettably, none of these expected mentions occurred during the conversation.

Trump did, however, touch on other hot-button topics that bettors had their eyes on. Terms like “MAGA,” “illegal immigrant,” and even “tampon” were part of the discourse, confirming some of the bettors’ predictions. Notably, when it came to “Tesla,” Trump avoided the specific term, opting instead to refer to Musk’s company as “your cars,” which dodged another popular betting topic.

A skilled gambler, identified as ‘bama1234’ online, raked in more than a million dollars by correctly guessing if these keywords would be featured in live broadcasts. His most profitable wager was on Donald Trump not discussing “crypto,” which earned him an additional $336,918 in winnings.

As a researcher analyzing the discourse, I noticed that while the conversation was vibrant and encompassed various topics, some attendees might have felt a lack of direct references to cryptocurrency, given Trump’s recent involvement with this subject at the BTC 2024 conference.

As a researcher examining the topic, I found that while the reach of audience for Trump’s speech was vast, numbering in the millions, the mainstream media response was more reserved. A glance at these headlines suggests a less enthusiastic reception.

On X, James Altucher, summarized the discussion stating that Trump’s common sense policies were:

Do more vetting at the border (as in legal immigration) to prevent criminals coming in.

  1. Have an energy policy that doesn’t depend on our enemies for fossil fuels while we continue to explore and innovate on solar/nuclear.
  2. The biggest threat to not only America but the world is nuclear weapons in the hands of bad nations.
  3. Cut Dept of Education because US is consistently getting lower on education vs the world and yet spending more per student.
  4. Have a more efficient government in terms of spending. Everyone says this but nobody does anything about it. Is there a way to do something about it?
  5. Inflation is the result of an increased money supply due to higher government (and inefficient govt spending). If money supply increases faster than our goods and services then inflation results.

 

For those wishing to listen to the entire conversation, here is the link and timestamps.

X SPACES CONVERSATION BETWEEN ELON AND TRUMP

0:00 Attack on 𝕏 servers and introduction

2:14: Assassination attempt on Trump and miracle survival

20:04: Stopping illegal immigration

36:27: Importance of a strong president

49:59: Inflation, debt and government spending

1:09:38: Climate change and sustainable energy

1:21:05: Kamala’s track record & policies

1:29:34: EU, NATO, Ukraine war

1:36:25: Excessive regulation and building the future

1:44:45: The danger of the political divide

1:52:43: Summary of Trump’s positions

1:53:21: Crime and lack of respect for police forces

2:02:10: Conclusion: A fork in the road

 

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2024-08-14 00:36