Daniel Walker
Elon Musk has thrown his support behind Bitcoin, declaring that his newly launched political movement — the America Party — will officially back the digital currency.
“Fiat is hopeless, so yes,” Musk responded on X (formerly Twitter) when asked whether Bitcoin would be part of his party’s platform.
The announcement came just a day after Musk officially unveiled the America Party, following a viral poll on X gauging public interest. The Tesla and SpaceX CEO said the new party is intended to challenge the dominance of Democrats and Republicans, arguing that both sides have failed to serve the interests of the American people.
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk said. “Today, the America Party is formed to give you back your freedom.”
Clash with Trump Over Government Spending
The timing of the America Party’s launch coincides with Musk’s very public fallout with Donald Trump, who recently signed the controversial $3.4 trillion “Big, Beautiful Bill” into law. Musk, a former Trump ally, criticized the bill as a “disgusting abomination” and said it would worsen the federal deficit.
Previously, Musk led the Department of Government Efficiency (DOGE), a self-styled initiative aimed at reducing government waste.
He later added:
“By targeting just 2-3 Senate seats and 8-10 House districts, we can be the deciding factor on tight votes — and restore power to the people.”
Growing Support but No FEC Registration Yet
Although the America Party has yet to be formally registered with the Federal Election Commission (FEC), momentum is building. Billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci have reportedly expressed interest in backing the initiative.
Meanwhile, former President Trump dismissed the new party via Truth Social, saying:
“Elon Musk has gone completely off the rails. No third party has ever succeeded in America.”
Bitcoin Reaction and Market Impact
As Musk’s pro-Bitcoin stance made headlines, the leading cryptocurrency rose 0.78% in the past 24 hours, currently trading at $109,028, according to PRIME’s Bitcoin price tracker.
