Elon Musk Continues To Stir Controversy After Trying To Buy Votes

It is no secret that Elon Musk disrupts markets, alters narratives, and grabs headlines. However, although many believe he is a champion for cryptocurrencies, the truth may be slightly different. Although his statements can lead to price surges, with the most famous example of this being Dogecoin (DOGE), Musk does not actually endorse cryptocurrencies in the way many assume.

Clarity Is Key

Recently, Elon clarified that he is not backing any crypto asset, regardless of what his Dogecoin followers may think. At a recent Trump rally, Musk labeled cryptocurrencies as interesting and probably valuable. Coincidentally, Bitcoin (BTC) was already approaching $70,000, and his comment had little effect on pushing the price higher.

His casual reference to D.O.G.E. sparked the usual 25% jump in Dogecoin. Yet, despite these fluctuations, Musk has not made any personal investments in crypto, nor has his unpredictable relationship with crypto been well-documented.

He once passionately promoted Dogecoin, often joking about its potential. Despite the hype surrounding the meme coin, for Musk, it has remained more of a playful engagement than serious support. On the other hand, his concerns about Bitcoin center on its energy consumption, suggesting that Dogecoin might be a better option due to its lower energy usage.

Buying Votes

In a bold move, Musk proposed a $1 million daily giveaway to encourage voting for Donald Trump in battleground states. This prompted legal concerns almost immediately. Musk stated he wants to try to get over a million, maybe 2 million voters in battleground states to sign the petition in support of the First and Second Amendment, before adding that he will randomly award $1 million daily to those who sign the petition, leading up to the election.

Legal statutes clearly prohibit offering money in exchange for votes or voter registration, with violations potentially resulting in prison time of up to five years. Musk and his Political Action Committee (PAC) launched a website for the petition, targeting voters in states such as Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin, and North Carolina.

Following legal scrutiny, Musk was advised to revise the language of the giveaway, but concerns remained, especially since the offer was available to individuals who registered after its announcement.