Elon Musk has confirmed that his newly formed America Party will embrace Bitcoin. While responding to a query from a BTC user on the X platform, Musk wrote, “fiat is hopeless,” and so his new political party will be open to BTC. 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.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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