Trump vs Musk, who has more control over the cryptocurrency market? Trump vs Musk: Who has more control over the crypto market? Why did Trump issue tokens immediately upon taking office? In the previous article, we talked about 'Dollar vs Bitcoin vs Musk'. Today, we will continue this thread and focus on Trump. Everyone knows that Trump is an extremely intelligent businessman, and the similarity between him and Musk lies in his terrifying and direct influence on the public. The skills of "Twitter governing the country" and "Twitter governing the company". Essentially, they are the pinnacle practices of fan economics. So the question is: In this encrypted new continent, which of these two "kings of influence" is better? X: The influential 'central bank', the starting point of financialization of influence. The common weapon of Trump and Musk is X, a platform that directly converts influence into financial assets. Trump uses X to govern the country, The victory tweet on November 8, 2017 caused a 1.2% fluctuation in the S&P 500 (Forbes 2018). By November 2025, the number of fans will reach 120 million, and a single policy post will trigger an average market reaction of 1 billion US dollars. For example, on March 15, 2025, he posted in support of BTC strategic reserve, with BTC rising 3.5% and trading volume surging by 5 billion within 24 hours. Musk uses X to govern the company, On May 4, 2021, the "Dogefather" tweet caused DOGE to skyrocket by 67% (CoinDesk), with 500 million daily active users and 230 million followers in Q3 2025. A single tweet had a 10% impact on DOGE's price fluctuations. X is not only a 'private stronghold', but also a barometer for global cryptocurrency trading. In 2024, the trading volume of X encryption related tweets will account for 10% of the global total. In October 2025, the "encryption tag" function will be added, with an average daily participation of 150 million users, strengthening this "central bank" position. Their paths diverge. Trump's tweet directly targeted policies, with the January 2025 executive order proposing to hoard 1 million BTC within 5 years, sparking a frenzy of ETFs on Wall Street. Musk's tweets are focused on entertainment, promoting DOGE payment for Tesla parts in June 2025 with a daily transaction volume of 5 million (Tesla Q2 financial report), but are subject to SEC regulatory restrictions. X Data: By 2025, Trump's tweets will be forwarded an average of 500000 times, while Musk's will be forwarded 700000 times. However, the conversion rate of Trump's policy posts is 30% higher than Musk's meme posts. This laid the foundation for their different starting points from influence to financialization. Trump's Three Axes: From Faith Tax to Sovereign Closed Loop, Building a New Crypto Order After Trump took office, he quickly wielded a three pronged axe to lock in the discourse power of Crypto, with data and case studies supporting every step. The First Axe: TRUMP Faith Tax, an On Chain Currency of Political Loyalty** On January 17, 2025, TRUMP meme coin was launched, with 80% of the supply controlled by the Trump family, and a trading volume of $5 billion on the first day. On May 15th, the Washington dinner invited the top 50 coin holders, whose market value skyrocketed by 70% to 2.4 billion, including Republican donors such as Peter Thiel. On June 1st, TRUMP achieved a daily trading volume of 300 million and a lock up volume of 1 billion on Uniswap, demonstrating the success of political loyalty and financialization. Case: In July 2025, during a campaign rally in Florida, TRUMP holders were given priority admission with 5000 participants, resulting in a 5% price increase. This is not a token, but a tool for Trump to convert votes into on chain assets. Second axe: USD 1 sovereign tool, digital treasury bond beyond tenure On March 25, 2025, USD1 stablecoin with circulation of 350 million, anchored in 50 billion US Treasury bonds, endorsed by the US Treasury Department. On June 1st, the daily trading volume of USD1 reached 120 million on PancakeSwap, competing for a 5% share of USDT. In September 2025, USD1 was included in the underlying assets of the BlackRock ETF, with a net inflow of 2 billion. On October 10th, the Middle East MGX fund settled a 1 billion investment in USD1, with the Trump family taking a commission estimated at 100 million. The USD 1 is not only a stable currency, but also a "treasury bond on the chain". The Trump family built a digital moat and exceeded its term limit. The Third Axe: Political Alliance and Adjustment, Musk's Transient Brilliance and Expulsion Trump's political ambitions are also reflected in his alliance and breakup with Musk. During the 2024 election, Musk donated $100 million through America PAC to support Trump and help him win the election. After taking office on January 20, 2025, Musk's team moved into the White House and established the DOGE Efficiency Department with the goal of reducing federal spending by 20%. In March, Musk proposed rewriting HUD rules with AI, and in April, he clashed with Treasury Secretary Bessent, leading to a physical dispute. In May, Rubio and Duffy opposed their "chainsaw" proposal (Politico 2025) at the Cabinet meeting. In June, Trump announced the dissolution of DOGE, stating that "efficiency does not equal control," and the Musk team was expelled. In July, Musk X posted "Washington is a swap" (100000 retweets), but it had no policy impact. At the same time, Trump pardoned Zhao Changpeng (October 23), Binance provided $2 billion in trading support (Binance announcement), and a new political business alliance was formed. Musk's Helplessness: Turning from "King of the Market" to "Policy Chess" Musk's weapon is storytelling. In 2021, the peak market value of DOGE was 100 billion yuan, and a single tweet had a 10% impact on price fluctuations. In January 2025, Tesla accepted DOGE payment for automotive parts, with a daily transaction volume of 5 million yuan (Tesla Q2 financial report). But in June 2025, he clashed with Trump and DOGE fell 12.5% because Tesla did not invest in BTC. In July, the SEC fined 150 million and restricted the purchase of BTC. On August 15th, Musk's tweet "Dogecoin to the moon" only rose 2%, far lower than the 67% in 2021 (CoinDesk), and market confidence was dampened. In contrast, Trump's 2025 executive order hoarded 198000 BTC, accounting for 4% of the total circulation, ， In June, 11 spot ETFs were approved, with a net inflow of 14.8 billion yuan in 30 days. In September, Grayscale BTC Trust's holdings increased to 500000 coins. Trump's command to change the rules far exceeds Musk's macro control. Data: In Q3 2025, the United States holds 52% of global BTC, while Musk only affects DOGE's 5% market share. Who is in charge of ups and downs? The new order of political lock-in and the fog of the future Trump used TRUMP to support taxes, USD1 to establish sovereignty, and Musk's alliance before switching to CZ. X's influence turned into hard power, and ETFs and reserves locked in the future of Crypto. Elon Musk went from being a political partner to being expelled, DOGE is just a traffic game. By Q3 2025, the US cryptocurrency market will account for 60% of global trading volume (Chainalysis), with Trump dominating the landscape. The myth of decentralization is shaken, and political takeover is becoming a trend. The next mystery: US cryptocurrency trading vs. China ban How the crypto market can become a weapon for great power games Trump Musk DOGE Bitcoin Strategic Reserve