Adding a government portfolio to Musk’s plate could benefit the market value of his companies and favoured businesses such as artificial intelligence and cryptocurrency.

Cryptocurrency has been rising since Trump's win last Tuesday as his administration is expected to ease digital currency regulations.

The Ministry of Finance recently told the Lok Sabha that the government was not considering any proposal to enact a law to regulate the world of cryptocurrencies in India. However, industry players remain optimistic.

Bitcoin is poised to hit $ 1,00,000 by US election day; Republican victory will aid cryptocurrency value as Trump Is `bitcoin-positive.'