Elon Musk stated that his newly formed America Party will officially support Bitcoin, branding traditional fiat currency as “hopeless.” He responded succinctly on X to a user asking whether his party would embrace the flagship cryptocurrency: “Fiat is hopeless, so yes.”
Musk’s announcement aligns with the party’s broader platform of fiscal conservatism, deficit reduction and modernisation of government, which is packaged alongside calls for balanced budgets and strategic investment in technology and national security. He introduced the party on July 5, following a public poll on X in which around two‑thirds of his 1.2 million followers endorsed the move.
The billionaire’s embrace of Bitcoin reflects his long-standing support for cryptocurrencies. Tesla purchased approximately $1.5 billion in Bitcoin in early 2021 and still holds around 11,509 BTC—though prior plans to accept the currency for vehicle purchases were suspended over environmental concerns.
Encouragement from crypto leaders followed, with some describing Musk’s statement as a historic moment for the digital‑asset space. Analysts at Coinpedia noted that the alignment between a political movement and the digital economy could mark a turning point. Market response was immediate: Bitcoin briefly rallied to near US $110,000 before stabilising.
Musk is positioning the America Party not merely as a crypto‑friendly political entity, but as a force targeting legislative chokepoints. He has outlined plans to field candidates in a limited number of competitive Senate and House races—“two or three Senate seats and eight to ten House districts”—with the aim of becoming a decisive swing vote in Congress.
The strategy draws inspiration from military tactics: Musk compared it to how ancient Theban general Epaminondas concentrated forces at critical points to win battles. The America Party’s ideological core emphasises financial prudence, reduced regulation, and public-sector innovation.
The move marks a further escalation in Musk’s dispute with Donald Trump, which began after Musk criticised Trump’s “One Big Beautiful Bill” for adding trillions to the national debt. Trump has derided the America Party as a “train wreck” and “ridiculous,” warning it will fracture conservative support and sow chaos in the US political system.
Washington insiders caution that third-party efforts in the United States face steep hurdles. These include challenging ballot access laws, entrenched political loyalties, and the structural bias of the winner‑take‑all electoral process. Experts say that while Musk’s finances and profile offer resources, success remains far from certain.
Despite scepticism, the emergence of a crypto‑friendly political platform led by a high‑profile figure may signal broader shifts in US political and fiscal dialogue. If the America Party proceeds with its plan to integrate Bitcoin and digital asset advocacy into its legislative agenda, it could set precedents in campaign finance and monetary policy discussions.
