Elon Musk Says His America Party Will Accept Bitcoin, Calls US Dollar Hopeless
Highlights
- Bitcoin price is showing strength as Elon Musk extends support after launching America Party.
- Musk launched the America Party in response to President Trump signed $5 trillion 'Big Beautiful Bill'.
- President Trump dismissed Musk’s third-party ambitions as “chaos".
In a stunning development, Elon Musk has confirmed that his newly formed America Party will embrace Bitcoin. Adding that “fiat is hopeless,” Musk criticizes the US Dollar and plans to use BTC instead. BTC price is up 1.42% in the last 24 hours, and is once again trading at $109,600 levels, with a 28% surge in daily trading volumes to $38 billion.
Will Elon Musk’s America Party Fix Fiat With Bitcoin?
Tech billionaire Elon Musk launched his America Party last week, soon after US President Donald Trump signed the ‘Big Beautiful Bill‘, raising the government spending and US debt ceiling by an additional $5 trillion. Musk believes that this reckless spending by the government will further burden Americans with higher inflation, with the overall increase in the debt interest payments. Fighting against the paper money i.e. fiat, Musk is all ready to embrace Bitcoin.
Furious with President Trump’s decision, Musk conducted a poll on the X platform to launch his own America Party, securing 65.4 of % vote, with a total of 1.2 million responders. In his message on X, the tech billionaire wrote:
“By a factor of 2 to 1, you want a new political party and you shall have it! 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”.
Musk was the chief architect of DOGE (Department of Government Efficiency) formed under the Trump administration. The goal of DOGE was to improve governance and cut down on excessive government spending. However, Musk left the department last month, stating that his tenure was over, and soon ruffled feathers with President Trump on several policy matters.
Last week, a few reports suggested that Elon Musk is stacking BTC. Musk has always been a proponent of Bitcoin, with his electric car firm Tesla making the first move back in 2021. It is still among the top 10 publicly listed Bitcoin holders with 11,509 BTC in its kitty.
Trump Challenges Musk on Third Political Party
In his message on the Truth Social platform, President Trump wrote that Elon Musk is completely “off the rails”. He further added:
“He (Musk) even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them. The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS”.
Furthermore, US Treasury Secretary Scott Bessant also stated that Musk should “stick to business, not politics”. Following these developments, BTC price is back above $109,500 levels, with BTC futures open interest surging by 4% to $75 billion. A major breakout above $110K could lead to fresh all-time highs.
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