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Musk Goes Republican: What Does This Mean for Crypto?

coinquora.com 19 May 2022 14:10, UTC
Reading time: ~2 m

Tesla CEO Elon Musk has declared on Twitter that he will now be voting for the Republican Party. He began his controversial tweet by stating that he used to vote Democrat but that they were now a party of division and hate.

“Now, watch their dirty tricks campaign against me unfold,” concluded the billionaire in his now viral tweet.

In the past I voted Democrat, because they were (mostly) the kindness party.

But they have become the party of division & hate, so I can no longer support them and will vote Republican.

Now, watch their dirty tricks campaign against me unfold … 🍿

— Elon Musk (@elonmusk) May 18, 2022

Most of the crypto community seems to be in support of Musk’s decision, with investors even asking him to run for president. The profile of Shibetoshi Nakamoto, run by the creators of Dogecoin, expressed strong support for the business magnate. However, not everyone shares the same sentiments. Many investors see this move as unwise and want Musk to keep away from politics.

You should vote for neither and just run for president instead

— greg (@greg16676935420) May 18, 2022

Reportedly, Musk’s hate for the Democratic party stems from the Biden Administration not giving Tesla the attention he thinks it deserves. Also, Musk is known to harbor a strong dislike for the left and is very vocally anti-union. 

Not surprisingly, the comment section under this tweet has turned into a battleground, with Democrats and Republicans viciously attacking each other. However, the real question for the crypto community is what this would mean for investors as it is known that Musk is a major influencer in the sphere.

Some users raise concern over left-lenient investors pulling out of ventures Musk supports or being reluctant to enter the space at all. Musk is the poster boy of crypto, after all. But considering the crypto space is currently predominantly right, and that the left opposes crypto due to its environmental implications, this new tweet might not amount to much in the long term. However, only time will tell what the far-reaching consequences of this political alliance are.

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