As Election Day approaches, misinformation about candidates’ stances on cryptocurrencies is making waves on social media, with some high-profile figures falling victim to fabricated quotes.

Michael Saylorexecutive chairman of MicroStrategy and prominent Bitcoin advocate, shared a misleading post on October 30, attributing a quote to Donald Trump that falsely stated, “Bitcoin is money” and suggested a tax-free stance on cryptography.

The fake quote appears to come from the X Basedkarbon account, which claimed that Trump made the statements in a recent interview. The post quickly gained traction, being picked up by crypto-focused accounts like Good Morning Crypto and shared by Saylor with her 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 legitimate.

Basedkarbon then commented on the spread of misinformation, highlighting how quickly unverified information can be accepted as fact.

The timing of the false quote is crucial, because both Asset and Vice President Kamala Harris have made positive statements about supporting the crypto industry, appealing to voters who view digital assets as a hedge against inflation and economic uncertainty.

With key states like Wisconsin, Georgia, and Pennsylvania likely to play a central role in the outcome of the election, crypto policy has become a key topic for some voters.

While Asset Previously criticized Bitcoin, calling it “based on thin air” and calling it a “scam,” he has recently taken a more open stance. His 2024 campaign included speaking at the Bitcoin 2024 conference and launch an NFT collection.

Saylor’s personal Bitcoin holdings are also significant. He revealed in a 2020 tweet that he had acquired 17,732 BTC at an average purchase price of $9,882. At current prices, his holdings are worth over $1.2 billion, placing him among the top Bitcoin addresses.