Elon Musk Launches ‘America Party,’ Pledges Full Embrace of Bitcoin
Tesla CEO and billionaire entrepreneur Elon Musk has officially announced the formation of a new political group, the “America Party,” declaring that the party will embrace Bitcoin as an alternative to fiat currency, which he labeled as “hopeless.”
The announcement came on Sunday, following a viral poll posted by Musk on X (formerly Twitter) that garnered over 1.24 million votes, with nearly two-thirds supporting the formation of a new political party. When asked whether the party would accept Bitcoin, Musk responded simply: “Fiat is hopeless, so yes.”
The America Party is the solution https://t.co/KryqdEcqIU
— Elon Musk (@elonmusk) July 6, 2025
Longstanding Ties to Bitcoin and Crypto
Musk is well-known in the crypto world, particularly for his early adoption of Bitcoin at Tesla. Under his leadership, Tesla purchased $1.5 billion in BTC in 2021, making it one of the first major publicly traded firms to add Bitcoin to its treasury. As of now, Tesla holds 11,509 BTC, valued at around $1.26 billion, ranking it as the ninth-largest public company by Bitcoin holdings according to Bitbo.
Musk has also been a vocal supporter of Dogecoin (DOGE), frequently causing price surges or dips through his tweets and endorsements.
In the past, he expressed skepticism about Bitcoin’s role in high-speed transactions, particularly for space-related use, but later entertained the idea of using a localized Lightning Network for payments on Mars.
Despite calling Bitcoin “too high” in 2021 — a comment that triggered a short-term price drop — Musk has increasingly leaned toward pro-Bitcoin sentiment in recent years.
Political Rivalry with Trump Escalates
The announcement of the America Party adds fuel to the ongoing feud between Musk and former President Donald Trump, who recently pushed the controversial “One Big Beautiful Bill” — a budget proposal criticized for slashing healthcare and inflating national debt.
Musk condemned the bill as “utterly insane and destructive,” warning it would lead to job losses and long-term strategic harm. He further questioned Trump’s DOGE initiative, a policy aimed at reducing the national debt, asking why Trump would support it while simultaneously adding $3.3 trillion to the deficit.
In response to Musk’s new political movement, Trump has lashed out, claiming the creation of the America Party could fracture the Republican vote ahead of the 2026 midterm elections.
A Bitcoin-Centric Political Platform?
Musk’s pivot toward Bitcoin as a political stance may offer a unique ideological edge. Jan3 CEO Samson Mow commented that aligning with Bitcoin could position Musk more favorably than Trump within crypto and tech-savvy constituencies. He even suggested Tesla should resume accepting Bitcoin and that SpaceX could provide discounts to customers paying in BTC.
With growing frustration around both Democratic and Republican establishments, Musk emphasized that the U.S. effectively operates as a “one-party system” when it comes to fiscal mismanagement. His America Party, he said, would focus on fighting waste, corruption, and government overreach.
What’s Next?
Though in its infancy, the America Party could become a disruptive force in American politics — particularly if it succeeds in rallying support from the tech, crypto, and libertarian communities.
Whether Musk will run for office, support specific candidates, or use the party to influence policy from the sidelines remains unclear, but his embrace of Bitcoin marks a significant milestone in the intersection of crypto and U.S. politics.
