Tesla and SpaceX founder, Elon Musk who has also been actively supporting Donald Trump, says that he stepped into politics because the Free world is at Stake. He also touched upon what Trump’s win could mean for tech and crypto.
In a recent event, World’s richest man, Musk, added that he does not prefer politics but given the stakes are extremely fundamental, he had to step into politics. Musk also shared the message as he wrote on X, “My involvement in politics is not because I wish to be, but because I believe the future of the free world is at stake.”
ELON MUSK: “I would prefer not to be in politics. I stepped into the arena because I think the stakes are extremely fundamental. I fear if Trump does not win, we are going to have a single-party state that is going to be worse than California.
The one thing that keeps California… pic.twitter.com/alSAsSY4om
— KanekoaTheGreat (@KanekoaTheGreat) October 20, 2024
He added, “I fear if Trump does not win, we are going to have a single-party state that is going to be worse than California.”
California, the hub for everything tech and crypto could suffer immensely if Trump does not win, fears Musk. He went on to explain that the one thing that keeps California from going even further [deteriorate further] is that people can move out of California and still be in America. “But if you’ve got no place to move, then it’s going to be much worse than California, and that’s the danger that we face,” pointed out Musk.
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Reiterating the danger of crackdown on tech and crypto, Musk believes that an oppressive totalitarian state that has extreme restrictions on freedom of speech that “continues extreme over-regulation that makes government even bigger than it is today and takes away the liberty of the people”.
In the past few years, the democrat government has used several means especially the U.S. Securities and Exchange Commission to curb decentralization- the latest example is its tussle with Ripple. The over-regulation and constant scrutiny of the crypto innovations has pushed investors and players away from the American tech Mecca of California to other states and even countries like Dubai or Singapore.
These ‘regulatory handcuffs’ are also the major reason why the crypto community is inclined towards Trump and his crypto-friendly stance. Trump, who is not just openly appreciative of crypto, has also recently launched his own crypto venture, WLFI to further prove his interest in the industry. And as Musk advocates for the doctrines of liberty, freedom of speech, the crypto industry is carefully reading between the lines and noting its implications which seem- positive, if Trump wins. As for now the OG crypto Bitcoin has briefly broken through $69k, but is currently trading at $68,908, indicating a good time for the crypto traders.
The capitalist nation of America that stands on the foundation of tech innovations, will certainly look for a President that allows for trade, innovation, and freedom( – all of which that defines the crypto space)
As Musk rightly concluded, “It’s not something I wanted to do, but I thought it was critical to do it, or America is not going to be America.”
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Also Read: Will Swing States Favor Harris Over Trump in the US Election?
