- In a surprising turn of events, two prominent figures in the crypto world have endorsed Donald Trump for the 2024 Presidential election.
- The endorsement comes after Trump survived an alleged assassination attempt on July 13.
- Elon Musk and Justin Sun, both influential in the tech and cryptocurrency sectors, publicly announced their support for Trump.
Elon Musk and Justin Sun endorse Donald Trump for President after assassination attempt.
Endorsements Following Assassination Attempt
After a failed assassination attempt on former President Donald Trump on July 13, Tesla CEO Elon Musk and Tron Founder Justin Sun have officially endorsed him for the upcoming Presidential election. This unexpected support from two major crypto figures could significantly influence the election dynamics, especially within the crypto community.
Crypto Market Reaction
Following the endorsement, the cryptocurrency market showed a marked response. Bitcoin’s price saw an increase of 1.77%, reaching $59,659, while Ethereum (ETH) went up by 1.07%, hitting $3,184. Additionally, Trump’s own memecoin, MAGA (TRUMP), surged by more than 50%, trading at $8.27 at the time of writing. The market’s reaction highlights the significant influence these endorsements could have on crypto investments and trading sentiments.
Trump’s Position in the Crypto Community
The endorsement by Musk and Sun underscores Trump’s growing popularity within the crypto sector. This election is viewed as pivotal for the industry, with Trump’s policies potentially shaping future crypto regulations and market conditions. Musk declared his support for Trump on his platform, X, expressing his hope for Trump’s swift recovery.
Justin Sun Aligns with Musk
Tron Founder Justin Sun also endorsed Trump shortly after Musk’s announcement, emphasizing that Trump represents a better choice for the crypto industry. Sun’s stance aligns with Musk’s belief that Trump can ensure fairer treatment and policies for the crypto market. This dual endorsement adds a layer of intrigue, as other crypto leaders may follow suit, influenced by Musk and Sun’s actions.
Impact on Election Predictions
According to Polymarket Odds, Trump’s chances of winning the upcoming election have increased to 71%, compared to Joe Biden’s 17%. These predictions reflect the crypto community’s sentiment and the potential impact of these endorsements. While the election is still months away, the current indicators suggest a favorable tilt towards Trump within the crypto sector.
Biden Administration’s Balancing Act
The Biden Administration has been working to gain favor within the crypto community by implementing balanced policies. However, with prominent figures like Musk and Sun openly supporting Trump, Biden’s stance may face additional scrutiny and pressure from crypto enthusiasts. The administration’s efforts to secure crypto votes will likely intensify as the election approaches.
Conclusion
The endorsements by Elon Musk and Justin Sun mark a significant moment in the intersection of politics and cryptocurrency. Their support for Trump, following his near-assassination, reflects a broader sentiment within the crypto community. As the election draws nearer, the influence of these endorsements on both the market and voter sentiment will be crucial to watch. Whether other crypto leaders will follow suit remains to be seen, but the stage is set for a remarkable election year.
