Originally published on: October 30, 2024
As the United States Election Day approaches, social media is flooded with misleading information about candidates’ stances on various issues. Recently, Michael Saylor, the executive chair of MicroStrategy, shared a fake quote from Donald Trump regarding taxing cryptocurrency with his vast following of over 3.6 million users.
On October 30, Saylor posted a quote attributed to Trump stating that crypto should not be subject to taxes and boldly declaring that “Bitcoin is money.” This fabricated quote seems to have originated from an account called Basedkarbon, who falsely claimed that Trump made these remarks in a recent interview on October 28.
The misinformation spread further when Good Morning Crypto shared the quotes to its 26,000 followers on October 29. Saylor followed suit on October 30, leading to other prominent accounts, including Kraken and Bitcoin Archive, taking the false information as fact.
Basedkarbon commented on Saylor’s post, stating, “No taxes on crypto is a microcosm example of how information works. The entire world is just people saying things and making them true.”
Despite attempts to reach out to Saylor and the Trump campaign for clarification, no response was received at the time of publication.
Trump’s recent interviews with Joe Rogan and Sean Hannity did not touch on digital assets, although he mentioned the idea of eliminating federal income tax on Rogan’s podcast. With the election potentially coming down to a few thousand votes in key battleground states, both Trump and Vice President Kamala Harris have hinted at supporting the crypto industry if elected.
The evolving landscape of cryptocurrency and its role in the economy may influence voters’ decisions in the upcoming presidential race. With the potential for crypto to serve as a hedge against inflation and a store of value, many voters are looking towards digital assets for solutions to economic challenges.
Despite Trump’s past criticisms of Bitcoin, his recent engagements with the crypto community suggest a shift in his views on digital assets. This ongoing dialogue between politicians and the crypto industry could have significant implications for the future of finance.
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