As Election Day approaches, misinformation about the candidates’ stance on cryptocurrencies is making waves on social media. Some well-known personalities have fallen victim to made-up quotes.
Michael Saylor, CEO of MicroStrategy and prominent Bitcoin advocate, published a misleading post on October 30 in which he attributed a quote to Donald Trump that incorrectly read, “Bitcoin is money” and suggested a tax-free stance on cryptocurrencies.
The fake quote appears to come from the X account Basedkarbon, which claimed Trump made these statements in a recent interview. The post quickly gained popularity, being picked up by crypto-related accounts like Good Morning Crypto and shared by Saylor to his 3.6 million followers. Major crypto-related X accounts, including Kraken and Bitcoin Archive, further amplified the misinformation, leading many in the community to believe the statement was real.
Basedkarbon later commented on the spread of misinformation, emphasizing how quickly unconfirmed information can be accepted as fact.
The timing of the misquote is crucial as both Trump and Vice President Kamala Harris have spoken positively about support for the crypto industry, appealing to voters who view digital assets as a hedge against inflation and economic uncertainty.
With swing states like Wisconsin, Georgia and Pennsylvania likely to play a crucial role in the election outcome, crypto policy has emerged as a key issue for some voters.
While Trump previously criticized Bitcoin, calling it “based on thin ice” and calling it a “fraud,” he has recently taken a more open stance. His 2024 campaign included speeches at the Bitcoin 2024 conference and launching an NFT collection.
Saylor’s personal Bitcoin holdings are also significant. In a 2020 tweet, he announced that he had purchased 17,732 BTC at an average purchase price of $9,882. At current prices, his holdings are worth over $1.2 billion, making him one of the top Bitcoin addresses.
