Elon Musk Warns of Major Market Crash If Kamala Harris Wins 2024 U.S. Presidential Election

Elon Musk hinted that big billionaires are ready to pull out their funds from all money markets if U.S. Vice President Kamala Harris wins the upcoming election.

Currently, Kamala Harris and Donald Trump are the top contenders in the race to win the U.S. presidential election. While Trump has significant support, Harris is also giving tough competition in terms of public backing.

Reportedly, billionaire John Paulson, whose hedge fund manages an estimated $9 billion across various sectors, said he would withdraw his investments from the market and move into cash and gold if Harris wins the election. He expressed concern over the current government’s 25% tax on unrealized gains for wealthy individuals. Paulson believes these financial policies could trigger mass selling, leading to a market crash and a rapid recession if implemented.

Elon Musk responded to this report, noting that legendary investor Warren Buffett is also preparing for this outcome.

Election Outcome vs Impact on Crypto

Many crypto enthusiasts had previously predicted a Bitcoin pump due to the election, as both leading candidates, Trump and Harris, support cryptocurrencies and have promised to provide better regulatory conditions for the sector. However, the latest responses from big billionaires could trigger panic among cryptocurrency investors, as major players are heavily invested in the space through venture capital funds.

Trump & Crypto 

In order to show significant support for cryptocurrencies and attract votes from U.S.-based crypto traders, Trump recently disclosed his decentralised finance (DeFi) project. He shared some details about a native token but confirmed that he will not offer people the opportunity to buy it through pre-sale methods.

Read also: Worldcoin’s World IDs Debuts on Solana Blockchain Network