Elon Musk has unveiled plans for a new political initiative called the ‘America Party’, coinciding with an ongoing dispute with President Trump. The proposed party aims to provide an alternative to the long-standing Democratic-Republican dominance, and Musk has already indicated that it will endorse Bitcoin as a core principle.
In a recent thread on the platform X, Musk expressed his views on fiat currency, labeling it as “hopeless.”
“Fiat is hopeless, so yes” — Elon Musk (@elonmusk) July 7, 2025
Musk’s announcement came shortly after he conducted a poll on X, confirming the party’s formation over the weekend. He emphasized the America Party’s intention to combat the escalating national debt, which he claims has persisted regardless of which party holds power.
He articulated to his 221.8 million followers that “The America Party is needed to fight the Republican/Democrat Uniparty.”
In his critiques of Trump’s 940-page “Big, Beautiful Bill,” which suggests tax cuts and substantial reductions, Musk warned that such measures could lead to job losses and systemic damage, inciting a clash with the Trump administration. He remarked in another post, “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.”
In response, Trump took to Truth Social to argue that third-party movements have historically failed in the United States. He suggested that Musk has lost his way, characterizing him as a ‘TRAIN WRECK’ in recent weeks.
Elon Musk America Party and Bitcoin Relationship – What it Means for BTC
Musk has reiterated that his party will promote Bitcoin while concentrating on House and Senate campaigns. Following his announcement, the price of Bitcoin surged from $108,735.07 to $109,361.29 and is currently trading around $109.16K.
Since 2014, Musk has been an outspoken advocate for various cryptocurrencies, particularly Bitcoin and Dogecoin.
One user highlighted that Musk’s involvement in promoting Bitcoin at a political level serves as a significant endorsement, given his substantial influence in the cryptocurrency space.
Additionally, there has been speculation within the cryptocurrency community regarding Musk’s potential holdings of Bitcoin, spurred by his recent quietness on the subject. The chatter began on July 2, when crypto enthusiasts on X pointed out Musk’s relative silence regarding Bitcoin. Some suggested he might be “quietly stacking BTC.”
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